Bitcoin, the leading cryptocurrency by market capitalization, has staged a sudden comeback by reclaiming the fundamental level of $67,000.
Bitcoin, the leading cryptocurrency by market capitalization, has staged a sudden comeback by reclaiming the fundamental level of $67,000.
The king of cryptocurrencies hit an intraday high of $67,260 on the Bitstamp exchange today. It has added more than $2,000 since hitting the intraday low of $65,066.
According to CoinGlass, more than $31 million in short positions have been liquidated in the last four hours. data.
The V-shaped recovery was largely due to the strength of the US stock market. The S&P 500 index is up more than 1%. Earlier today, Nvidia (NVDA) hit a new high while also earning a bullish price call from Susquehanna Financial Group.
Gamza KhanzadaevLast week, Bitcoin investment products saw a whopping $621 million in outflows, according to a recent report from CoinShares. The poor performance of these products became an important bearish catalyst this Monday. Additionally, slightly hawkish comments recently made by US Federal Reserve Chairman Jerome Powell spooked some investors who were expecting a more dovish tone.
At the same time, Bitcoin has seen its share of bullish adoption news. Last week it came to light that the telecommunications giant Deutsche Telekom would start mining the largest cryptocurrency.
For now, the largest cryptocurrency is likely to remain range-bound due to uncertainty surrounding the Federal Reserve’s rate cut plans.
Tomiwabold OlajideDespite the recent ups and downs, Bitcoin’s 30-day observed volatility is approaching all-time lows, according to Alex Thorn, head of research at Galaxy Digital.
The leading cryptocurrency is now surpassing Ethereum so far this year.
