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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-hits-71000-sparking-major-liquidations" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Hits $71,000, Sparking Major Liquidations</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoins-record-high-correlates-with-tethers-latest-usdt-issuance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> has surged 5% on Monday, crossing the $71,000 milestone, marking its highest point since March. This remarkable price increase has led to significant liquidations within the cryptocurrency market, predominantly affecting those with short positions. Data from CoinGlass reveals that approximately $238 million was liquidated in the past 24 hours, with $176 million originating from short positions. Specifically, Bitcoin short investors faced liquidations totaling $35.5 million, while Ethereum short investors saw $11.95 million in liquidations.</p>
<h2 style="text-align: justify" id="what-caused-the-market-liquidations">What Caused the Market Liquidations?</h2>
<p style="text-align: justify">Liquidations in the cryptocurrency sector typically occur when investors are unable to maintain adequate collateral, prompting exchanges to forcibly close their positions. <a href="https://en.bitcoinhaber.net/binance-labs-propels-aevo-altcoin" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> emerged as the primary platform for these liquidations, handling more than half of the total market activity.</p>
<h2 style="text-align: justify" id="how-do-whales-influence-price-movements">How Do Whales Influence Price Movements?</h2>
<p style="text-align: justify">According to insights from CryptoQuant’s Mignolet, the price dynamics of Bitcoin are heavily swayed by substantial investors, or whales. He noted that heightened trading activity among these whales on Binance has significant implications, as evidenced by a drop in Coinbase Premium Gap data.</p>
<p style="text-align: justify">The influx of capital into U.S.-based spot Bitcoin ETFs is further driving the price increase. CoinShares reports a near $1 billion investment in these ETFs over the last week, contributing to a total of $27 billion in digital asset investments since January. Political factors, particularly the upcoming U.S. presidential elections, are also influencing this growing demand.</p>
<ul>
 <li>Bitcoin’s price surge over $71,000 is noteworthy and reflects broader market dynamics.</li>
 <li>Liquidations primarily affected short position holders, with significant amounts recorded.</li>
 <li>Binance plays a crucial role in the liquidation process within the crypto market.</li>
 <li>Whale trading activities notably impact Bitcoin’s price movements.</li>
 <li>ETF investments have increased the overall market liquidity and confidence.</li>
</ul>
<p style="text-align: justify">As Bitcoin’s price escalates, the cryptocurrency market experiences notable shifts, highlighting the importance of exchanges and investor behavior. The interplay of technical analysis and macroeconomic factors continues to shape market trends.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitcoin-hits-71000-sparking-major-liquidations" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Hits $71,000, Sparking Major Liquidations</a></h5>

Bitcoin Hits $71,000, Sparking Major Liquidations

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