From shorts getting rekt to mining stocks performing better than BTC, here is a 3-minute breakdown of everything important that happened in crypto today.
Co-author: Davier M
Hello again crypto fam! CoinMarketCap here, back at it with only the spiciest crypto headlines.
But before we dive in, we have some news! BTC exploded past $34k overnight, liquidating shorts left and right. You love to see it!
Alright, now let's get into today's top stories. Here's a quick TLDR rundown of the key stories:
- Bitcoin suddenly spiked past $35,000 overnight to reach its highest level since May last year. What triggered this push? Keep reading!
- Nearly $177 million worth of shorts were liquidated as Bitcoin's pump caught overleveraged bearish traders by surprise.
- The Worldcoin Foundation is switching to paying operators in their own WLD token instead of USDC.
- Bitcoin mining stocks have significantly outperformed BTC's year-to-date gains so far.
- BlackRock's proposed Bitcoin spot ETF tickers have already been spotted on some exchanges ahead of any official approval.
- China's digital yuan was used to facilitate a live cross-border oil trade transaction for the first time ever.
Now let's dive deeper into what's driving the markets today! Keep scrolling for the full scoop...
BTC Blasts Past $35K Outta Nowhere
Houston, we have lift-off!! After months of sideways trading, BTC shocked everyone by suddenly blasting past $34k for the first time since May last year. Turns out renewed hopium for a spot ETF approval lit the rocket fuel. Now analysts are trying not to get too excited in case the SEC crushes dreams yet again.
Could this be the start of the long-awaited bull run? Read the full story here!
Millions Liquidated as BTC Pumps
While celebratory baby whales popped champagne over Bitcoin's pump, selectively bitter traders got absolutely demolished by nearly $400 million in liquidations. Most of the rekt positions were shorts, as the swift BTC surge caught overleveraged bearish traders by surprise.
And a popular crypto figure is on the verge of a $21 million liquidation. Get the entire liquidation details here!
Worldcoin Ditches Stablecoins
The Worldcoin Foundation is switching from USDC to paying operators in their own WLD token. The foundation gave an update about token circulation, which is growing rapidly based on reported stats.
More details on how WLD is growing steadily!
Mining Stocks Leave BTC Sad This Year
Bitcoin, sweetie, we need to talk.
While BTC has put on a modest 100% gain this year, mining stocks have straight-up dunked on it with ~150% average returns. Special shoutout to Marathon Digital and Cipher Mining for absolutely crushing it because...reasons?
Point is, Bitcoin should really start taking notes from its flashier, more adventurous friends in the mining world. Maybe the recent price surge will once again put BTC at the top - fingers crossed!
More details on the profits are here!
BlackRock ETF Tickers Sneak Onto Exchanges
In stealth mode, BlackRock's potential spot Bitcoin ETF tickers somehow got themselves listed on exchanges before even getting approved. While some see this as a clue that approval is coming, the SEC would never make things that easy. Chair Gensler is probably cackling while conjuring new obstacles as we speak. Because what fun is there in greenlighting financial innovation when you can just dangle hope indefinitely instead?
But just like a Bitcoin bull run, the ETF approval could strike when you least expect it. Find out which exchange has listed it so far!
China's E-Yuan Debuts for Oil Trading
In a historical first, China's digital yuan token powered a live cross-border oil trade transaction. This marks a major step in advancing yuan usage in overseas markets. Next up, total economic domination? Kidding...or am I?
While China isn't super transparent about its e-yuan plans, this surprising milestone could signal bigger moves ahead. Here are some details on the growth in e-yuan’s adoption!
And that wraps up today’s top stories! Tune in tomorrow as CoinMarketCap stimulates your dopamine receptors with the latest narratives driving the markets.
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