Bitcoin prices have smashed through the $30,000 psychological barrier during the Tuesday morning Asian trading session. Over $145 million in shorts against bitcoin prices were liquidated since early Asian morning hours on Tuesday.
Bitcoin (BTC) surpassed $30,000 for the first time since June 10, 2022, as March’s banking instability faded into the background and investors became more bullish about US central bank monetary policy. The most valuable cryptocurrency in terms of market capitalization was currently trading at $30,237, up 6.75% in the past 24 hours.
A look at the bond market reveals that the 2-year Treasury note in the United States has plummeted to around 4% from a peak above 5% in early March, as traders quickly reversed their expectations of future Fed rate rises.
Bitcoin last surpassed $30,000 on June 10, 2022, as it was on its way down to around $20,000, where it spent much of the rest of that year and the first few weeks of 2023. For the last three weeks, it has been hanging around $28,000 as nervous investors assessed the implications of a near-bankruptcy, persistent inflationary pressures, and other macroeconomic worries. Bitcoin is up about 80% year to far after beginning 2023 at around $16,600.
The cryptocurrency surged in January amid signs of easing inflation, stalled in February, and then regained momentum in late March following the failure of Silicon Valley and Signature banks, as some investors questioned the stability of the current monetary system and regained their appetite for assets that are not backed by the government.
Bitcoin Shorts Take on 87% of Futures Liquidations
Bitcoin (BTC) surged beyond the critical $30,000 threshold for the first time since June 2022, generating significant losses for speculators relying on a drop.
Over 87% of all future trades liquidated in the last 24 hours were short, or wagers against price rises. The losses from these trades were around $145 million. Huobi witnessed almost $45 million in liquidations on its platform, followed by Binance and OKX with $35 million apiece. The greatest single liquidation order occurred on Huobi, and it was a bitcoin/tether deal worth $11 million.
