The largest digital currency, Bitcoin, was seen to briefly break through the $39,000 price mark. It is now trading at $38,476 (at the time of writing).
During the surprising increase in Bitcoin’s price, crypto short positions worth nearly $900 million were liquidated. According to data, the short positions on Bitcoin that were liquidated were worth $720 million, which is 81% of the total liquidations.
Bitcoin is an outstanding crypto asset that has stood the test of time. Even though there have been ups and downs in its price, its significance has not been severely affected. A great number of individuals and companies around the world have invested in it.
Up to €100 in Bonus
If you are interested in starting crypto trading then you can use PrimeXBT Covesting. It allows beginners to mimic the trades of experts. Sign up with our link today.
What Have you Missed About Bitcoin’s Price?
The price of the flagship crypto asset has been noticeably fluctuating over the last month. Here is a graph by CoinGecko that shows the ups and downs in BTC’s price from June to July.
It was noted that the top cryptocurrency was trading somewhere around the $34,000 levels over the weekend. However, its price began to surge higher and higher earlier today and briefly went a little over $39,000. Such a surge in Bitcoin’s price has been noted for the first time since the middle of June.
Bitcoin went as high as $39,571 (as shown in the graph above) but quickly came down to $38,054. Since then, it has been in the $38,000 region.
During the few hours when a prominent price surge was noted for Bitcoin, most of the BTC and other digital currency short liquidations occurred. The short crypto positions that have reportedly been liquidated are worth $883 million.
Can Bitcoin Make a Comeback?
Bitcoin is the most prominent crypto asset in the market and is the largest digital currency in the world. It has revolutionized the market to a great extent and is seen by many as an asset that can change the global financial system.
Regardless of the price volatility of the flagship digital asset, it has retained its position at the top.
However, the recent market situations have been concerning for many enthusiasts. Many people believe that Bitcoin will make a comeback. Even though this is yet to be seen in real life, here are a few factors that can certainly contribute to it.
- Majority of entities were recently reported to accumulate Bitcoin while its price was low.
- The accumulation of BTC is believed to be led by the Whales.
- In a recent online event, Elon Musk stated that both his companies, Tesla and SpaceX, hold BTC and intend on keeping it that way too.
- Tesla might start accepting Bitcoin as payment if it continues to be mined through renewable energy sources.
- Amazon will reportedly start accepting BTC as payment by the end of the year (the news has not been confirmed by Amazon yet).
In other words, the utility and importance of Bitcoin cannot be denied. Therefore, if you are also interested in buying the flagship crypto asset then make sure you use some of the best Bitcoin exchanges.
Up to 50% discount on fees
On the other hand, if you are interested in trading Bitcoin with leverage, you can start today by signing up on Phemex. Use our link to sign-up and claim a bonus of up to $1,200. (Bonus may vary based on deposit amount)