The number of daily Bitcoin liquidations soared after Wednesday’s market crash. price of the leading digital asset The $70,000 was a flirtation
Over $1.7 Billion in short positions of the largest cryptocurrency held by traders have been closed over the past 24 hour. according Coinglass Data
And the vast majority — $1.5 billion — of those positions were liquidated in the past four hours.
Bitcoin briefly traded as high as $69,500 on Wednesday before falling again. The price of bitcoin was $68,253, up more than 5 percent in just a day.
Bitcoin’s prices have risen after a period of relative stagnation over the past thirty days. The coin’s volatile has reached record lows, according to analysts.
Bitcoin has benefited — along with other “risk-on” assets — from news that the U.S. Treasury planned to more than double the size of its government debt repurchases.
Treasury Secretary Scott Bessent’s announcement was intended to tame yields that had risen above levels seen for nearly two decades.
The lower long-term rates reduce the risk of investing in non-yielding commodities like bitcoin or gold. This generally encourages a more positive attitude towards risks.
Bitcoin could have benefited as well from the anticipation of pro-crypto regulatory announcements: on Wednesday, President Trump will meet with executives in crypto and prediction markets.
Regulators are eager to move forward on rules the industry long requested, despite the delay in voting for the crypto Clarity Act.
Securities and Exchange Commission held a meeting on Tuesday. announced The proposed framework to offer crypto assets is moving forward despite the historic legislation being stalled.
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Source: bitcoinmagazine.com
