Bitcoin Surges Over $71K and Short Traders Take Ls

In this post:

  • Bitcoin trades at $71,069.70, marking a 15% increase in the last 7 days.
  • With the surge, BTC traders record $2M liquidations in the last 4 hours (short traders at $1.51M and long traders at $491.41K).
  • Last week, an analysis showed that Bitcoin had allegedly entered the pre-halving danger zone. The asset dropped over 15%, getting as low as $61,800.

The recent crypto rally has shaken the market. Almost $200 million was wiped out of the market in the last 24 hours, and Bitcoin accounts for $96.94 million in that time frame.

In the past 24 hours, the crypto market has experienced a notable revival, with Bitcoin and Ethereum leading a bullish rally. Bitcoin (BTC) reached a new high of over $71,000 on Tuesday, marking its highest value since early April. 

Meanwhile, Ether experienced a significant surge of over 19%, reaching $3,700. The global cryptocurrency market cap currently stands at $2.74 trillion, reflecting an 8.23% change in the past 24 hours and a significant 135.07% change compared to one year ago.

Bitcoin Breaks the $70K Barrier

Bitcoin experienced a significant surge today following Bloomberg analysts’ optimistic analysis, which increased the likelihood of approving a spot Ether ETF in the U.S. to 75%.

Other major altcoins and memecoins saw modest increases, with gains ranging from 3% to 6% for XRP, Cardano’s ADA, Solana’s SOL, and Dogecoin (DOGE).

Over the last four hours, BTC has experienced significant liquidations, amounting to $2M. On the other hand, ETH has $4.94 in liquidations. In the past 24 hours, 76,947 traders were liquidated for $325.63 million. The largest single liquidation order happened on Huobi—ETH-USDT, valued at $3.11M.

Within 24 hours, Binance liquidated a staggering $126M, closely followed by OKX at $110M, Huobi at $50M, and Bybit at $23M. 

Bitcoin Surges Over $71K and Short Traders Take Ls
Source: Coinglass

Ether ETF Hopes to Lead the Bull Market Rally

Ether (ETH) started the Asia business day with a trading price above $3,600, showing a 17% increase. This surge in value is attributed to positive regulatory developments that raise the possibility of an Ether exchange-traded fund (ETF) receiving approval soon.

According to Bloomberg analysts Eric Balchunas and James Seyffart, the chances of a spot Ether ETF have significantly increased from the initial estimate. Additionally, the U.S. Securities and Exchange Commission (SEC) has requested aspiring Ether ETF exchanges to update their 19b-4 filings before this week’s important deadline.

The SEC’s request for exchanges to update their 19b-4 filings, which outline proposed rule changes, indicates a possible step forward in the approval process for spot Ether ETFs. 

Although there has been progress with 19b-4 filings, the SEC may still reject the Ether ETF’s S-1 registration statement. This could potentially delay its approval and the commencement of trading.

Also Read: Experts Raise Their Expectations for Approval of Spot Ethereum ETF by 50%

The decision regarding VanEck’s proposed Ether ETF is expected to be announced on May 23, while Ark’s decision is scheduled for May 24. Market participants view the approval of an Ether ETF as a positive development that could attract significant institutional investment.

Is the Bull Market Here?

According to an analytical assessment from last week, Bitcoin allegedly entered the pre-halving risk zone. The asset fell by more than 15 percent, reaching a low of $61,800.

Nevertheless, the market has rebounded and is on the verge of setting new records. It is speculated that the London Stock Exchange would begin trading exchange-traded notes (ETNs) for Bitcoin and Ethereum in May, prompting a market rebound.

Also Read: Predicting the Next Crypto Bull Run

As of press time, Bitcoin’s market capitalization is $1.4 trillion. The spot Bitcoin ETF, which began trading in January, has attracted $12 billion in inflows for BTC, with top trading firms and state funds among its investors.

Cryptopolitan Reporting by Florence Muchai

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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