TL;DR
- Bitcoin’s spot price soared above $37,800, influenced by anticipation of an SEC-approved spot Bitcoin ETF and a short squeeze, resulting in $78.44 million in Bitcoin shorts liquidated in 24 hours.
- Significant liquidations occurred in Asian markets, notably on exchanges like BitMEX, OKX, and Binance, indicating their impact on the price surge.
- The short squeeze, a rapid increase in Bitcoin’s price, forced short sellers to cover their positions, amplifying the price rise amidst Bitcoin’s ongoing volatility and ETF expectations.
Bitcoin’s spot price on cryptocurrency exchanges bolted to above the $37,800 level by Thursday. Spot Bitcoin ETF mania, as markets await an SEC approval, was likely in play here.
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