Bitcoin
Bitcoin Price Reaches $71,000, Shorts Liquidated
The most popular cryptocurrency, Bitcoin, is rising again as it reached $71,000, its highest price in the last two weeks, and is almost at its highest level since the quadrennial halving event in April.
According to CoinMarketCap, the current price of Bitcoin is around $70,900, having increased by around 3% in the last 24 hours.
Bitcoin Price, Source: CoinMarketCap
The price increase in the last 24 hours has caused $27 million worth of bitcoin positions to be liquidated. During the same period, around $87 million in liquidations hit the broader Bitcoin market.
According to Coinglass dataOf these aggregate cryptocurrency liquidations, the majority (around $50 million) involved short holdings.
QCP’s currency survey on Tuesday states that the world’s first access to traditional money will certainly support the price of Bitcoin, which reached $71,000 during the New York session.
However, Tuesday’s Glassnode market analysis indicates that long-term Bitcoin holders – those who hold coins for three months to three years – are putting more pressure on the sell side.
“We can expect this group’s incentive to sell more supply to increase if prices rise further and drive up their unrealized profits even further,” the investigation stated.
According to Glassnode, only 0.03% of the group of long-term holders are at a loss as a result of the bitcoin price rising above $68,000 in the last 24 hours.
Read too: Jack Dorsey predicts Bitcoin price at $1 million by 2030