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.
A 7.7 magnitude earthquake struck near Mandalay, Myanmar, last Friday, leaving the immediate area devastated with at least 2,000 people dead and over 3,400 injured, with the number expected to rise as data from neighboring countries such as Thailand comes in.
The 10-kilometer deep quake released energy comparable to hundreds of nuclear explosions, according to data from the U.S. Geological Survey. It was the most powerful earthquake to have hit Myanmar since 1912 and so far is the second deadlie...
Terraform Labs has opened an online portal for investors to submit compensation claims for financial losses stemming from the May 2022 de-pegging of TerraUSD.
Managed by administrators at New York-based Kroll, the portal will open on Monday, March 31 and close on April 30, giving loss-making investors a month to file claims.
Applicants will have to submit evidence supporting their filings, including wallet addresses in which Terra-based cryptocurrencies were held, as well as transaction logs for...
Why did Joseph Maldonado-Passage, better known as Joe Exotic from the viral Netflix docuseries “Tiger King,” debut a meme coin on Solana from prison earlier this week?
“I’m knee-deep in lawyer bills,” he told Decrypt in an interview, claiming the endeavor will also benefit children through donations to a nonprofit called Operation Smile.
The 62-year-old, who has lived behind bars for seven years, didn’t launch the meme coin himself. Instead, he said his lawyers helped him get “Official Tiger Kin...