Reasons why BTC could rise

Bitcoin (BTC) and Ethereum (ETH) prices have risen rapidly as global markets usher in the start of a central bank easing cycle.

More than $100 million in short selling has occurred in the past 24 hours, indicating a major change in sentiment in the crypto world.

Both Bitcoin and Ethereum are in the green at the start of the Asian trading day; BTC is trading at $67,300, up 4.9%, while Ethereum is trading above $3,400, up 4.7%.

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Attribute this bullish trend to BlackRock’s recent announcement of a fund targeting tokenized products on the Ethereum network called BUIDL.

The market has reacted positively to this development. However, the price increase has come at the expense of short sellers.

Data from CoinGlass shows that more than $100 million in leveraged futures positions have been liquidated, including about $60 million in BTC short positions and $42.8 million in Ethereum short positions.

One of the factors that contributed to the rise of Bitcoin was the slowdown in selling pressure on the Grayscale Bitcoin Trust (GBTC). Genesis's stock sales may have facilitated the exit of GBTC, thereby giving Bitcoin momentum.

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