Leveraged bets betting against the price of Bitcoin (BTC) lost more than $190 million in the last 24 hours, as BTC climbed by 10%, its biggest daily increase since October.
On Tuesday, BTC momentarily reached $57,000, achieving its highest level since November 2021. Several factors contributed to the spike, including increasing trading volumes in spot Bitcoin ETFs and more institutional involvement.
The asset’s recent gain may be due in part to the closing of short positions since the beginning of the week. According to CoinGlass, short bets have lost more than $180 million since Sunday.
Within the last 24 hours, 89,615 dealers liquidated their assets, totaling $381.41 million.
In the last 24 hours, Ether (ETH) has increased by around 4%, Solana’s SOL has increased by about 7%, Cardano’s ADA has increased by about 5%, and Stacks (STX), a Bitcoin layer-2 token, has increased by more than 25%.
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