Short positions in Bitcoin worth almost $40 million were liquidated within the past 24 hours as the cryptocurrency’s price surged upwards.
As Bitcoin surpassed the $68,000 mark, short positions were swiftly eliminated, resulting in significant liquidations.
During the last 24 hours, the leading digital asset by market capitalization experienced a gain of over 4.5%, contributing to the liquidation of short positions.
Data from Intotheblock indicates that Bitcoin’s MVRV ratio, which saw a notable increase earlier in the year, is now showing a slight decline, settling at 2.34. Traditionally, an MVRV ratio above 3 has often signaled impending price peaks.
Bitcoin’s MVRV ratio, which surged impressively earlier in the year, is now experiencing a slight downturn, settling at 2.34. Traditionally, an MVRV ratio above 3 has been a reliable marker for predicting price peaks.
https://t.co/K9v9RhiYXG pic.twitter.com/Ssc7jjhDgf
— IntoTheBlock (@intotheblock) March 25, 2024
Analyst Ali Martinez, commenting on the situation, stated that Bitcoin could potentially reach $72,880 if it breaks the $66,990 threshold. Currently, Bitcoin is trading at $68,210.
If #Bitcoin can break past $66,990, it will likely rise toward $72,880! pic.twitter.com/dZHZzNFIpq
— Ali (@ali_charts) March 24, 2024
BlackRock Bitcoin ETF Holds Surpasses Top Exchanges
Additionally, recent reports have unveiled that BlackRock’s Bitcoin ETF, launched in mid-January 2024, now holds a larger amount of Bitcoin compared to the combined holdings of OKX and Kraken.
Notably, OKX and Kraken, launched in 2017 and 2011 respectively, have been prominent players in the cryptocurrency exchange space.
BlackRock’s #Bitcoin ETF launched in mid-January 2024 and now it holds more $BTC than OKX and Kraken combined, which launched in 2017 and 2011, respectively. pic.twitter.com/3cVtdaYa55
— Ali (@ali_charts) March 24, 2024
This surge in Bitcoin’s price, accompanied by significant short liquidations, underscores the ongoing volatility and dynamics within the cryptocurrency market. Investors and traders continue to monitor these developments closely as they navigate the ever-changing landscape of digital asset investments.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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