BTC Crosses $37K As Liquidations Rise: Can Bitcoin Reach $40,000 Before 2023 Ends?
Portfolio Pulse from Khyathi Dalal
Bitcoin (BTC) crossed $37,000 in early Asian trading hours, with nearly $50 million in BTC liquidations reported within a four-hour period. This price surge is attributed to a short squeeze and the SEC's potential approval of 12 separate spot Bitcoin ETFs over the next week. Trading volumes expanded by 57.2% and the market cap increased by 6.4% in the last 24 hours. More than $21 million in shorts were washed away on futures exchanges BitMEX, OKX, and Binance.
November 09, 2023 | 3:19 pm
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POSITIVE IMPACT
Bitcoin's price surge is attributed to a short squeeze and the potential approval of 12 separate spot Bitcoin ETFs by the SEC. Trading volumes and market cap have significantly increased.
The article directly mentions Bitcoin and its price surge. The short squeeze and potential SEC approval of Bitcoin ETFs are significant factors contributing to this surge, indicating a positive short-term impact on Bitcoin's price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100