Bitcoin (BTC) Soar Up 12% To Surpass $24K, Reaches 6-month High

Key Points:

• Bitcoin (BTC) was recently around $24,688, up more than 11% over the last 24 hours.
• Coinglass revealed that traders who placed bets on price changes sold roughly $65 million more worth of Bitcoin than they had the day before, of which about $60 million were short positions.

A short squeeze helped investors send bitcoin, the largest cryptocurrency by market capitalization, upward just as it looked like it might be headed south. The decline in 2022 may have contributed to Bitcoin reaching its highest position since August 17.

As shown by TradingView data, the price of BTC was recently around $24,688, up more than 11% from Tuesday at the same time. In August, bitcoin last traded above $24,500. Following a lackluster Consumer Price Index, Wednesday’s jump left investors less concerned about the direction of the U.S. economy and the Fed’s upcoming monetary policy measures.

According to Noelle Acheson, the former head of market research at Genesis, bitcoin fell 65% in 2022, making it an intriguing liquidity option.

BTC is one of the most sensitive liquidity plays right now – its whopping drawdown last year, its lack of cash flows to discount, its strong floor given its various use cases.

She said

But the unexpected turnaround from previous days appeared to be more the fault of short-selling investors. At one point on Wednesday, data from cryptocurrency data firm Coinglass revealed that traders who placed bets on price changes sold roughly $65 million more worth of Bitcoin than they had the day before, of which about $60 million were short positions.

Coinglass 24H Rekt data also indicated that the total liquidations came in at $204.99 million in the past 24 hours as 52,488 traders were liquidated, and the largest single liquidation order happened on Bybit – BTCUSD value of $2.54 million.

In less than 24 hours following its much-publicized airdrop, Blur tokens, an NFT marketplace, have already seen more than $500 million in trade volume. 320 million of the 360 million airdropped blur tokens were taken by users, according to a Blur airdrop tracking website on Dune Analytics made by Crypto Twitter user pandajackson42. This amounts to roughly 90% of the airdrop.

Further analysis of blockchain data on Dune reveals that 40% of all users received between 100 and 1,000 blur tokens. 30% of users earned between 1,000 and 10,000 blur tokens, while 22% of users received less than 100 blur tokens. On Wednesday morning, less than 1% of customers acquired more than 1 million blur tokens, which are worth over $1 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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