Bitcoin (BTC) has broken through the $35,000 mark for the first time since May last year, experiencing a remarkable 12.22% gain in the past 24 hours.
Bitcoin (BTC) has broken through the $35,000 mark for the first time since May last year, experiencing a remarkable 12.22% gain in the past 24 hours.
The sudden spike in Bitcoin's price, which briefly touched $35.2K, came alongside a surge in overall trading volumes across spot markets, fueled by renewed interest in upcoming spot Bitcoin ETF approvals.
According to Coinglass data, over $294.97M in shorts have been liquidated in the past 24 hours, with 74.6% of traders liquidated on the short side.
Analysts have pointed to BlackRock's involvement in the Bitcoin ETF space, with the investment giant potentially seeding their spot ETF product with cash this month. Other financial institutions which have filed applications for the Bitcoin ETF include ARK Invest, Bitwise, VanEck, WisdomTree, Invesco, Valkyrie, Global X, Hashdex and Franklin Templeton.
The price surge also lifted other cryptocurrencies, with Ethereum (ETH) gaining 7.37% and Solana (SOL) surging by 8.95% in the past 24 hours.
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