First Time in 38 Days, Bitcoin Price Successfully Prints a Record of US$71,000!
Bitcoin (BTC) has shot up and successfully penetrated the US$71,000 mark for the first time since April 12. Currently, the price of BTC is around US$71,200.
This important milestone was reached amid a broader market rally thanks to optimism regarding approval for a spot Ethereum exchange-traded fund (ETF). This optimism comes from a recent announcement from Eric Balchunas and James Seyffart, two ETF analysts at Bloomberg Intelligence.
Crypto Market Rally Triggers Liquidations Worth More than US$348 Million
These ETF analysts have increased their odds for spot Ethereum ETF approval, from 25% to 75%. Balchunas cited increasingly intense political pressure on the SEC as the reason behind their forecast revision. Additionally, the odds of approval also strengthen to over 54% on prediction platforms such as Polymarket.
In the midst of this development, Ethereum (ETH) staged a rally of almost 20% in 24 hours. Bitcoin followed with a price increase of around 7%. As a result of this price spike, there has been significant liquidation in the market.
Data from Coinglass reveals that 79,714 traders faced liquidation in the last 24 hours. The total assets involved in this liquidation were worth US$348.13 million. Specifically, short trades experienced liquidations of US$273.82 million, while long trades experienced liquidations of US$74.31 million.
Prior to this incident, investors were observed actively accumulating Bitcoin, an indication of bullish sentiment. Meanwhile, during the last week, investors were recorded as having withdrawn 30,516 BTC from 20 crypto exchanges tracked by Coinglass. This amount is equivalent to around US$2.17 billion referring to current market prices.
The largest outflow was recorded on Coinbase Pro, with a withdrawal figure of 14,416.43 BTC. Then, Binance followed with a withdrawal of 8,631.02 BTC.
