Bitcoin price (BTC) registered a massive surge on Monday to surpass the $40,000 mark, hitting a 19-month high on Monday. BTC price rally to breach $42,000 is backed by expectations of a spot bitcoin exchange-traded fund (ETF) approval. However, this move is also aligned with speculation about U.S. interest rate cuts.
Bitcoin price up by 6%
Bitcoin price recorded a gain of around 6% in the last 24 hours. It is important to note that this is the first time since May 2022 that BTC jumped over the $40K price level. This marks a stagnant surge of more than 145% increase since the beginning of the year.
As per the data, Bitcoin is trading at an average price of $41,793.38, at the press time. However, BTC price breached the $42k price level around 4:35 pm (IST). BTC maintains its position as the top crypto with a market cap of $817,515,250,848.
Crypto liquidations breach $305 million
Coinglass data depicts that more than 104K traders were liquidated In the past 24 hours. The liquidation amounted to $305.16 million. The largest single liquidation order occurred on Bitmex with an XBTUSD value of $6.01 million. It is important to note that $181 million worth of short positions got liquidated over the past 24 hours. This suggests that traders were betting on a market drop from here. Meanwhile, the cumulative market cap jumped by more than 3% in the last 24 hours.
The fresh crypto market rally directs a building of positive momentum among investors after the collapse of the FTX crypto exchange in November last year. Recently US. Securities and Exchange Commission (SEC) officials met with Grayscale and BlackRock representatives to discuss the Bitcoin ETF.
Todayq reported that an SEC memo revealed a meeting with Grayscale regarding the potential conversion of the Grayscale Bitcoin Trust (GBTC) into an ETF. Despite the SEC’s previous blockage, Grayscale challenged the decision in court and emerged victorious, boosting confidence in the market for potential approval of a bitcoin ETF.
