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BTC Crosses $37K As Liquidations Rise: Can Bitcoin Reach $40,000 Before 2023 Ends?

Published Nov 09, 2023 15:19 Updated Nov 09, 2023 16:40
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© Reuters. BTC Crosses $37K As Liquidations Rise: Can Bitcoin Reach $40,000 Before 2023 Ends?
 
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Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

In early Asian trading hours, close to $50 million in Bitcoin (CRYPTO: BTC) liquidations were reported within a four-hour period, according to CoinDesk. A short squeeze occurred, thereby pushing prices further higher.

Shorts refer to bets against price rises in futures trading.

The news comes on the heels of Benzinga’s Future Of Digital Assets Event in New York scheduled on Nov.14. Attend and learn more about Bitcoin prices breaching all new thresholds. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

Price Action: At the time of writing, Bitcoin's price was at $37,605 — the highest it has been since May 2022.

In the last 24 hours, trading volumes expanded by 57.2% while the market cap also increased by 6.4%. For a brief period some hours ago, Bitcoin prices breached the $37,000 mark and touched $37,011.

More than $21 million in these shorts were washed away on futures exchange, BitMEX, OKX, and Binance indicating that this could have been led by Asia market trades. These exchanges have a significantly larger user base in Asian markets.

To better understand the terms: Defined as an unusual condition, a short squeeze leads to a high-pace price rise in any asset. It typically begins when the price jumps higher unexpectedly and short sellers exit their positions, leading to a buying flywheel. Liquidation implies when an exchange purposely closes a trader’s leveraged position caused by to partial or total loss of the trader’s initial margin. The trader is unable to meet the margin requirements for a leveraged position.

The price surge is also attributable to yesterday’s news of the SEC open window for the approval of 12 separate spot Bitcoin ETFs over the next week. It was also known that the U.S. SEC opened talks with Grayscale Investments for converting its trust product GBTC to a spot Bitcoin ETF.

Also Read: Spot Bitcoin ETF Imminent? SEC Approval Window Is Due To Open — Or Will It Just Get Punted?

Santiment data indicates that as of Nov.8, Bitcoin posted up to 7,992 whale transactions worth $100,000 and above, Crypto News reports. This marks the highest since late October.

Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our Nov. 13 Fintech Deal Day and Nov. 14 Future of Digital Assets. Secure a spot here to join them.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

BTC Crosses $37K As Liquidations Rise: Can Bitcoin Reach $40,000 Before 2023 Ends?
 

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