Bitcoin (BTC-USD) has broken through the 32K resistance level, potentially establishing a new trading range of 38K-to-40K, after months of fluctuating within the ~25k to ~32k range. This development was reported Today by BTIG and comes amid investor anticipation for the world's first Spot Bitcoin exchange-traded fund (ETF).
The surge in Bitcoin's value led to a significant liquidation of short positions. According to CoinGlass data, over $161 million worth of these positions were liquidated in a single day, and around $177 million within a 24-hour period. As the market awaits the U.S. Securities Exchange Commission's decision on the Spot Bitcoin ETF, participants are closely monitoring Bitcoin Futures ETFs.
In parallel with this development, Bitcoin has seen a substantial increase in value over an 18-month period, jumping to $35,000 and sparking a mini bull run. This increase has rewarded those who invested when prices were under $20,000 with doubled returns. The unpredictable fluctuations of the crypto market are seen as avenues for growth.
Speculation is also rife about the US possibly approving a Bitcoin ETF, an event that could further inflate prices. Meanwhile, Steam, another digital currency, has also experienced a significant price increase in this period.
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