Bitcoin (BTC) - which is often called “digital gold” - is going through severe price fluctuations, as its value recently succeeded in exceeding the level of $34,000 to the top, which led to the liquidation of more than $220 million worth of margin betting deals on the decline in its value. In just 24 hours, which is a testament to the volatile nature of this currency. This upward trend was not limited to BTC only, but the entire sector was affected by the upward trend, which led to extensive liquidations with a total value exceeding $400 million. Amid this turmoil, Bitcoin stands tall, trading around a remarkable level of $34,750.

It is noteworthy that the value of Bitcoin has risen by more than 13% in the last day, with the total market value of the global crypto sector increasing by 9.8%. André Dragosch, an analyst at Deutsche Digital Assets, believes that the rise in prices is due to a combination of pressure from closing down margin deals and major developments on blockchain, including increased transfer volumes and expanded investor purchasing operations. However, Dragosh warns of a possible price correction in the foreseeable future, as the picture appears complex regarding the price path of Bitcoin due to increased institutional interest and the possibility of approving the establishment of exchange-traded funds for spot Bitcoin trading (Bitcoin Spot ETFs), as well as global economic scenarios.