After a Monday morning rally that saw the price of Bitcoin shoot past $31,000, the largest cryptocurrency by market cap got a second wind hours later, surpassing $34,000 later in the day, according to data from CoinGecko.
The new benchmark set a record high for 2023, reaching values not seen since last May, triggered a torrent of BTC shorts, leading to $114 million in liquidation in the last hour—and $145 million in total across crypto assets, according to analytics firm CoinGlass.
Image: Coinglass
On leading crypto exchange Coinbase, BTC was trading at a premium closer to $35,000.
The pair of rallies to start the week have been attributed to building anticipation over the pending approval of Bitcoin spot ETF applications by the Securities and Exchange Commission.
Earlier today, a Washington, D.C. judge officially ordered the SEC to take another look at a long-delayed and litigated spot Bitcoin ETF application from Grayscale, after the regulatory agency failed to respond to an earlier court inquiry.
Also today, global investment giant BlackRock updated its own application to note that it had started to take the preliminary steps needed to launch its Bitcoin spot ETF, including allocating funds and securing a ticker symbol. The moves don't guarantee an approval is coming, but they suggest confidence the SEC will eventually do so.
Crypto analysts are saying that both price spikes have pierced market resistance thresholds at $31,000 and $34,000 respectively, a bullish sign. Popular Crypto Twitter commentator Rekt Capital says the price action is likely to disprove the "Bearish Bitcoin Fractal," a pricing model that assumes price could rally to record highs before additional downside pulls it back down.
India's tax authorities are deploying artificial intelligence and international data-sharing agreements to crack down on crypto tax evasion, with officials warning that digital asset transactions can no longer hide in the shadows of global finance.
The Central Board of Direct Taxes (CBDT) is strengthening its pursuit of crypto tax evaders through enhanced data analytics and cross-border information exchange, Chairman Ravi Agrawal revealed in an interview with the Economic Times.
The department...
The recent crypto market euphoria hit a speed bump on Wednesday, as top altcoins like Ethereum, XRP, Solana, and Dogecoin fell, with some showing sizable drops. And the broader market dive has resulted in a growing pile of long positions getting liquidated amid concerns about frothy conditions for traders.
Altcoins have been surging in July, with XRP hitting a new all-time high mark last week—breaking a seven-year record—while Ethereum and Solana reached six-month highs in recent days. The Binan...
Owners of stablecoins now outnumber those who hold Solana, according to a new report by Reown.
A survey of over a thousand crypto users conducted by Reown and YouGov found that 38% of users now own stablecoins, ahead of Solana at 37%. Bitcoin and Ethereum continue to dominate crypto ownership, accounting for 48% of users respectively.
1/ State of Onchain Payments 2025 is now live.
Onchain payments are growing fast, but most teams still lack the data to design better experiences.
We surveyed 1,0...