Bitcoin Price Surges
Bitcoin’s price surged above $41,000 on Monday, marking its highest level since April 2022, prior to the collapse of the crypto stablecoin TerraUSD. The recent surge in price has been attributed to various factors influencing the cryptocurrency market.
Market Expectations and Developments
- Bitcoin’s ongoing strength is fueled by anticipation surrounding the potential approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
- The upcoming Bitcoin halving event is also contributing to the positive sentiment in the market.
Liquidation of Short Positions
According to data from Coinglass, over $109 million worth of Bitcoin short positions have been liquidated within the past 24 hours, emphasizing the bullish momentum in the market.
Gold Reaches All-Time High
Gold has also reached a record high, surpassing $2,115 recently. The comparison between Bitcoin and gold as stores of value has gained significance, with Bitcoin enthusiasts often referring to it as “digital gold”. The parallel increase in the prices of both assets indicates a positive correlation in their performance.
El Salvador’s Bitcoin Holdings
El Salvador’s President Nayib Bukele announced on X (formerly Twitter) that the country’s Bitcoin holdings are now in profit in dollar terms. Despite market fluctuations, Bukele expressed the country’s long-term commitment to holding Bitcoin as part of its strategy.
Stock Performance
Shares of crypto exchange Coinbase (COIN) rose by more than 5% on Monday, while Microstrategy (MSTR) saw a 7% increase since Friday’s close. Microstrategy, known for its significant Bitcoin holdings, continues to show strong performance in the market.