As Bitcoin surged above $72,000, short positions suffered the most from market volatility. Coinglass data reveals that over the last day, there were more than $47 million in bitcoin short liquidations.
In the wider crypto market, liquidations hit over $152 million, with about $107 million from short positions. Bitcoin, the largest digital asset, rose by roughly 3.8% to $72,073. The GM 30 Index, reflecting the top 30 cryptocurrencies, climbed by 2.85% to 152.67 in the last 24 hours.
Bitcoin Bulls: Factors Fueling Optimism
QCP Capital analysts highlight several factors suggesting further bullishness for Bitcoin. One such factor is the upcoming Bitcoin halving scheduled for April 20. This event is anticipated to reduce the pace of new Bitcoin creation, potentially impacting its supply dynamics.
Moreover, the involvement of prominent players from traditional finance, including Citadel, Goldman Sachs, UBS, and Citi, as Authorized Participants for Blackrock’s spot Bitcoin ETF, contributes to the positive sentiment surrounding Bitcoin.
Another indicator of potential bullish momentum for Bitcoin is the increased activity in the Bitcoin Ordinals market. Despite a decrease in trading volumes for NFTs on major networks like Ethereum and Solana, data from CryptoSlam reveals a surge in volumes for Bitcoin Ordinals. Offerings such as NodeMonkes and Pups have been particularly prominent in driving this uptick.
Bitcoin Ordinals Surge: Indicators of Bitcoin’s Momentum
When examining NFT collection rankings based on sales volume, Bitcoin Ordinals emerge as the top performers over the last seven days. Sales within the Uncategorized Bitcoin Ordinals category surged by 51% during this period, while NodeMonkes experienced an impressive 65% increase in sales.
The Bitcoin Ordinals market presents an alternative avenue for investors to participate in Bitcoin’s potential growth trajectory without relying on futures products or leverage. This surge in trading activity within the Ordinals market indicates that some traders are anticipating a rally in Bitcoin’s price.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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