Bitcoin

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Bitcoin (BTC) is riding high on positive sentiments breaching all the crucial levels holding back its surge. The biggest crypto price broke through the $59,000 level on Wednesday. It was November 2021, when Bitcoin last traded over this level. However, the recent price jump has led to a huge <a href="https://news.todayq.com/bitcoin-shorters-exhaust-bulls-take-control-as-btc-hits-51k/" rel="noopener noreferrer nofollow">crypto shorts</a> liquidation over the past day. Bitcoin price up by 15% in 7 days 
Bitcoin price zoomed by 5% in the last 24 hours adding to its victory march. BTC has gained more than 15% over the last 7 days. The original crypto is trading at an average price of $59,485, at the press time. Its 24 hour trading volume stands at $45.4 billion. It is holding a market cap of $1.16 trillion.
This mega surge comes in after a decline in BTC price despite gaining vital approval of a spot Exchange Traded Fund (ETF) by the US <a href="https://news.todayq.com/xrp-gains-5-while-sec-seeks-extension-in-ripple-case/" rel="noopener noreferrer nofollow">Securities and Exchange Commission</a> (SEC). It is important to note that Bitcoin halving is only 54 days away and BTC price is only 14% away from its all time-high (ATH) of $69,000.
The global crypto market seems to be rejoicing in a bullish BTC rally as the cumulative cap jumped by over 3% over the last day. It now stands at $2.2 trillion. Shorters bleeding 
According to the data provided by Coinglass, Bitcoin price surge has hurt huge short betters. The last 24 hours saw more than 84K traders being liquidated. The total liquidations recorded by the tracker stood at $250 million. This includes both long and short positions. However, the largest single liquidation order happened on the crypto exchange Bitmex of XBTUSD valued at $8.34 million.
It is important to note that, around $82 million of the liquidations came in the last 4 hours. However, $65 million (80%) of the liquidated positions turned out to be short positions.&nbsp; Source: Coinglass 
BTC price jump single handedly made the shorters bleed. As per the data, $42.4 million worth of short positions got liquidated over the last 4 hours. This suggests that traders were expecting a price drop in the price range. Meanwhile, Bitcoin broke all the resistance to keep up the bullish sentiments.
The surge is attributed to key players entering the market, coupled with MicroStrategy’s recent disclosure. MSTR reported purchasing 3,000 bitcoins for $155 million between February 15 and February 25. Its ongoing “HODL” strategy, accumulating bitcoins as a treasury reserve asset is continuing to attract attention.
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Bitcoin skyrockets past $59,000 making shorters bleed

Todayq News

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