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Bitcoin Nears $30,000: Short Positions Take a Hit

Crypto prices experienced a significant surge, resulting in over $60 million in short liquidations within the past four hours. Bitcoin traded around $29,700 before 11 a.m. EDT, marking an increase of 4.8% since midnight.

Bitcoin logo
Bitcoin logo

Major Crypto Assets Follow Bitcoin's Upward Trajectory

As Bitcoin soared, other cryptocurrencies like Ether, Binance's BNB, and Cardano's ADA also experienced gains, increasing by 7%, 3.5%, and 9%, respectively. This price hike has been linked to growing issues within the U.S. banking sector.

Short Traders Suffer Losses Amid Crypto Rally

Short traders faced heavy losses, with $62 million in short liquidations, primarily on Binance and OKX exchanges. Derivative exchanges witnessed their largest liquidations this year, with $240 million liquidated on April 14 and nearly $150 million in the past 24 hours.

Crypto Stocks Gain Amid Market Rally

Coinbase and MicroStrategy stocks saw a boost of 2.5% and 7.6%, respectively. The market dynamics resembled the situation during Silicon Valley Bank's collapse, with Bitcoin leading the rally.

U.S. Banking Woes Drive Bitcoin Rally

First Republic Bank's $72 billion in outflows during the quarter has intensified banking issues in the U.S. This has fueled Bitcoin's recent rally and strengthened its role as a "haven asset" during ongoing banking troubles, according to Standard Chartered and Bernstein analysts.