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Bitcoin Suddenly Recovers $67,000 as Shorts Get Crushed
Alex Dovbnja
Bitcoin staged a sudden comeback, with millions of dollars worth of shorts liquidated
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Bitcoin, the leading cryptocurrency by market capitalization, did so staged a sudden return by reclaiming the crucial $67,000 level.
The king of cryptocurrencies reached an intraday high of $67,260 today on the Bitstamp exchange. It has added more than $2,000 since hitting an intraday low of $65,066.
According to CoinGlass, over $31 million worth of short positions have been liquidated in the past 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%. Today, Nvidia (NVDA) hit a new all-time high securing a bullish price call from Susquehanna Financial Group.
Last week, Bitcoin investment products saw $621 million worth of outflows, according to a recent report from CoinShares. The poor performance of these products has become a major bearish catalyst this Monday. Additionally, slightly hawkish comments made recently by US Federal Reserve Chair Jerome Powell have 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, that telecommunications giant came to light 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.
Despite recent ups and downs, Bitcoin’s 30-day realized volatility is nearing all-time lows, according to Alex Thorn, head of research at Galaxy Digital.
The main cryptocurrency is now outperforming Ethereum on an annual basis.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.