Stablecoin

Bitcoin

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Bitcoin (BTC) maintains its strong upward momentum by attaining the much awaited $50,000 price level. Data depicts that this is the first time since December 27, 2021, that BTC registered to trade over the $50k mark. However, <a href="https://news.todayq.com/bitcoin-entering-fomo-zone-experts-see-record-highs/" target="_blank" rel="noopener noreferrer nofollow">BTC price surge</a> led the entire crypto market to print green indexes. It is expected that this surge came in due to hopes of future interest rate cuts aligned with the approval for spot crypto exchange-traded funds (ETFs). Bitcoin pushing crypto market up? 
The cumulative <a href="https://news.todayq.com/crypto-market-eyes-2-trillion-mark-with-eth-etf-hopes/" target="_blank" rel="noopener noreferrer nofollow">digital asset market cap</a> surged by more than 4% over the last day. It is standing at around the $1.87 trillion mark. It anticipated that the total crypto market cap would reach $2 trillion soon.
Bitcoin price gained more than 17% in the last 7 days. BTC is trading at an average price of $50,106, at the press time. It is important to note that Bitcoin’s 24 hour trading volume jumped by around 104% to stand at $39 billion.&nbsp;
This huge surge in trading volume depicts that traders are jumping in to place their bets on Bitcoin. Coinglass data shows that more than 58,000 traders were liquidated in the last 24 hours. While total liquidation of both long and short positions stood at around $184 million. The largest single liquidation order recorded by Coinglass was $3.14 million. It occurred on Bitmex for the LINK/USD pair.
Bitcoin, alone saw liquidations of around $70 million in the last 24 hours. However, $55 million worth of liquidated bets turned out short positions. This suggests that traders were hoping for a Bitcoin price drop, meanwhile, the biggest crypto had some other plans. Crypto whales on the way 
According to data from IntoTheBlock, approximately 375K addresses purchased around 119.48K BTC (approx worth $6 billion) at an average price of $50,227.81. However, these addresses are currently at a loss, potentially creating selling pressure when their positions break even.
Stablecoin market caps have grown significantly by adding $11.4 billion in the last four months. Data depicts that Whale wallets holding $5 million or more have accumulated 2.32% of the top six stablecoins in just four weeks.
The positive momentum in the crypto market has also impacted related stocks. Coinbase (COIN.O) share price recorded a surge of around 5%, while Riot Platforms and Marathon Digital were up by over 10% and 11%, respectively.
Ethereum, the biggest altcoin, also reaped the positives of BTC surge as ETH price jumped by 6% in the last 24 hours.
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Bitcoin’s trading vol up by 104%, shorters bleed

Todayq News

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