Bitcoin Price Broke Through $30,000, Records 24-hour Gain Of 5%

Key Points:

• Bitcoin reached its highest price since June 2022 at $30,000, with short orders being liquidated.
• Ether breaks $1,900 for the first time since August as part of a broader cryptocurrency rally.

Bitcoin’s price has surged to $30,000, reaching its highest since June 2022. In the past 24 hours, $116 million has been liquidated on the entire network, with 96.22% of the liquidations being short orders.

The past 24 hours have seen notable price gains in the cryptocurrency markets. Bitcoin rose above $30,000, achieving its highest level since June 2022, with a 24-hour increase of 4.9%. During the same period, the entire network saw $116 million in liquidations, with 96.22% short orders.

Ether also saw a significant increase in price, reaching above $1,900 for the first time since August. These gains are part of a broader rally in cryptocurrencies which began earlier this year, spurred in part by concerns over centralized banking options. Since the start of 2022, bitcoin has gained 79%, while Ether has gained 59%.

On Wall Street, Monday’s trading session was mixed, with the S&P 500 and Nasdaq Composite indexes experiencing little change on the day. Investors eagerly anticipate a week of new earnings and banking results data.

Investors in the cryptocurrency markets have been closely monitoring Ethereum’s upcoming Shanghai upgrade, which is set to go into effect on April 12. This development is viewed as relatively bearish, as it will allow users to unlock staked ether, which could lead to increased selling in the open market.

Rich Rosenblum, co-founder and president of GSR, a crypto market maker, attributes the rise in bitcoin to interest rate hikes that are no longer viable due to their unexpected consequences, such as bank runs. Rosenblum suggests that countries are buying gold and bitcoin to gain independence from the U.S. and “de-dollarize.”

Overall, the cryptocurrency markets have been experiencing significant volatility in recent months, with investors closely watching price movements and market developments. As always, it’s essential to approach any investment in these markets with caution and a thorough understanding of the risks involved.

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

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