The Crypto market has witnessed a rejuvenating upward trend, the price of Bitcoin and Ethereum increased rapidly on Wednesday. At the start of this week, Bitcoin price fell around $22,000 and Ether was hovering around $1500 range owing to the CPI data which led to the decline on inflows of institutional funds and massive sell off as a result of SEC hammering Paxos— issuer of the Binance stablecoin [BUSD].
Currently Bitcoin and Ethereum is trading around $24,613 and $1685 respectively, with $BTC and $ETH witnessing a 10% and 8.3% increase on the 24 hours trade chart and a market capitalization of $474 billion, $202 billion respectively.
Apparently, following the surge in price of Bitcoin to the $24,000 zone, over 54,000 Crypto traders liquidated in the past 24 hours. The total liquidations are over $210 million, while short trades make up almost 90% of the liquidations majority happened on Bybit.
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Willy Woo, Bitcoin analyst said “it took Bitcoin six months to get 1,000 users, 5 years to find 1 million users. Today, 14 years from inception, it has 300 million+ users, 4% of the world.
At current growth rates, one billion users will be hit in the next three years— that’s 12% of the world.” George1Trader, a Bitcoin Degen opines that the $27.7k area is the level everyone’s watching as key Bitcoin resistance. Would make more sense to slightly front run, then smash through and go straight for 33-35k’s imo. Weekly close will tell more about whether that’s coming soon or we see a retracement first.
If BTC breaks the $25k resistance, there`s a high possibility of $28k Bitcoin in the next week or two. Interestingly, the recent Bitcoin pump was driven with stablecoin BTC futures.
The aggregated CVD showing $2B, if we add the BTC margined CVD too, we see $2.34B in futures, while only $190M in spot aggregated CVD. While the price goes up— more institutional funds will flow into the crypto market.