Bitcoin Surpasses $90,000 for the First Time Since March 7
While the leading cryptocurrency Bitcoin has been experiencing a recovery in recent days, BTC exceeded $90,000 for the first time since March 7 today.
At this point, with the divergence of the correlation between Bitcoin and traditional stocks, BTC gained more than 5 percent in the last week and rose to $90,000 for the first time since March 7.
While Bitcoin is rising along with gold, which is running from record to record, it remains unclear whether this rise is permanent or temporary.
The rise in Bitcoin was also evident in altcoins, with Ethereum (ETH) rising to $1650, XRP to $2.13, and Solana (SOL) to $143.
Possible reasons for the rise in Bitcoin include the increasing correlation of BTC with gold, the increasing expectation that the Fed will cut interest rates in May, and the resumption of spot Bitcoin ETF inflows.
Liquidation of Short Positions Amidst Bitcoin’s Rise
While the rise in Bitcoin and altcoins left short investors in a bind, $321 million was liquidated in the last 24 hours.
Of this, $184 million were short positions and $137 million were long positions. Again, 109,848 investors liquidated in the last 24 hours, with the largest liquidation occurring in the ETH/USDT trading pair on Bybit.
*This is not investment advice.
