Bitcoin Price Is Cooling Off - What's Going On?
Portfolio Pulse from Vandana Singh
Bitcoin experienced a rapid surge, surpassing $36,000 and $37,000, due to a short squeeze that liquidated over $1.56 million in short positions. However, the market soon took a nosedive, causing Bitcoin to drop to the 35,700 level. This led to a long squeeze, liquidating up to $17 million in long positions and erasing approximately $1 billion in open interest. Bitcoin's market cap gained almost 3.1%, and trading volume increased around 120%.
November 09, 2023 | 6:26 pm
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NEUTRAL IMPACT
Bitcoin experienced a rapid surge and subsequent drop due to a short squeeze and a long squeeze respectively. This led to significant liquidation of positions and an increase in market cap and trading volume.
The short squeeze led to a rapid increase in Bitcoin's price, but the subsequent long squeeze caused a significant drop. This volatility led to the liquidation of many positions, but also increased the market cap and trading volume.
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IMPORTANCE 80
RELEVANCE 100