Bitcoin (BTC) Jumps to $35,000 as $300 Million in Crypto Shorts Are Liquidated
Bitcoin (BTC) surged by 12.2% in the last 24 hours, reaching $35,000.
Deepak 
Bitcoin (BTC) surged by 12.2% in the last 24 hours, reaching $35,000. This unexpected upsurge resulted in the liquidation of $399 million in crypto derivatives positions, with 75% of that sum being shorts.
The largest single liquidation totaled $10 million in BTCUSDT short positions on Binance. On BitMEX, bears were responsible for 99% of liquidations.
Analysts attribute these liquidations to the euphoria around Bitcoin spot ETFs, which are waiting for US SEC approval.
BitMEX founder Arthur Hayes opined that this run might be a signal for the start of a bullish phase and that Bitcoin is yet again used as a safe haven amid the ever-growing inflation of leading world currencies.
The crypto community is euphoric about the rally, and the Alternative's Fear and Greed Index has entered the "Greed" zone, jumping to 66/100. This is the most "overheated" level of this indicator since April 17, 2023.
Overall, the recent Bitcoin price surge has been a boon for bulls and a pain for bears. It remains to be seen whether this is the start of a new bull market or just a temporary relief rally.
