The biggest cryptocurrency asset in the world by market capitalization fell below $44,000 following a robust rally that began the week. Short selling by investors was the cause of the asset’s price drop. Bitcoin’s price has surged by almost 6% in the last 24 hours, and it is presently trading at $43,900. Market mood has strengthened, which has helped the current surge.
In the hopes that the asset’s price would continue its upward path, retail investors are likewise keeping onto the asset. Profit-taking has occurred during and after trading sessions on cryptocurrency exchanges, but not to the extent necessary to buck the upward trend. This week has seen Bitcoin continue to soar.
Prior to certain departures being scheduled, Bitcoin, the biggest digital asset by market value, had traded above $44,000 Wednesday. Optimism that exchange-traded funds based on actual bitcoin, rather than futures tied to the digital currency, will soon be approved have buoyed the cryptocurrency.
That rise wiped out roughly $90 million of futures bets against bitcoin on Tuesday, according to Coinglass. ADA and DOGE are top gainers on Wednesday, Dec. 6, surging over 10% in the last 24 hours. Also, Ethereum’s price is trending at the press time holding above $2250. Top crypto assets by market capitalization are in the green due to the semi-rally on Wednesday.
Nearly $100 million in bitcoin short positions were liquidated in the past 24 hours on centralized crypto exchanges, according to Coinglass data. The bitcoin market experienced increased volatility over the past day. This price action caused the wipe-out of approximately $122 million in Bitcoin positions, with $96 million being shorts. According to The Block’s Data Dashboard, over $260 million has so far been liquidated in short BTC liquidations in the initial five days of December.
