- Bitcoin bullish trend continue pumping price to above $22,000.
- Market value of cryptocurrencies is over $1 trillion.
- 52,000 dealers have sold a total of $250 million worth of cryptocurrencies.
Bitcoin’s (BTC) weekly rise continues with a jump above $22,000, and the market value of all cryptocurrencies is back above $1 trillion after reaching that level earlier this week.
Because of the pump, the cryptocurrency markets, such as Avalanche (AVAX), are currently experiencing another round of intense selling pressure. On Friday, the value of one Bitcoin was approximately $21,380, but by Saturday, it had increased to $22,370, a jump of $1,000 from its previous level. Ever since time began, prices have continued to climb, with the most expensive asset reaching its current selling price of $22,685.79 as of the time this was written.
On the other hand, during the same period of time, the price of Ether went from $1590 to $1651. Prior to Ethereum’s merge and, respectively, the collapse of FTX, neither asset traded at these levels, and both occurrences triggered huge decreases in the value of the cryptocurrency market.
According to data provided by Coinglass, in the past twenty-four hours, about 52,000 dealers have sold a total of $250 million worth of cryptocurrencies as a result of the recent price spike.
According to the news, Bitmex had the largest XBTUSD trade liquidation, which was worth $3.15 million. OKEx is by far the most prominent cryptocurrency exchange in terms of the overall volume of its liquidations.
Bitcoin prices started to go up after the BLS announced good inflation numbers the previous week. This signaled to the market that the Fed may have reached a point where it can stop raising interest rates. But Arthur Hayes, who served as the CEO of BitMex in the past, is skeptical that there will be a shift in the near future.
Read Also :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
