Bitcoin price jumped over 15% in three hours on Sunday evening and came very close to the $ 40,000 mark. Since then, the crypto asset has declined a few percent and is currently hovering above the USD 38,000 area. The entire cryptocurrency economy grew 9.72% to $ 1.53 trillion.
The price of Bitcoin explodes after a long period of consolidation
Bitcoin and digital asset values have risen dramatically in the past 12 hours as Bitcoin (BTC) rose more than 15% (EDT) last night. BTC managed to hold above the $ 38K zone on Monday after falling from $ 39,850 per unit at 9:00 p.m. on Sunday. Bitcoin is still up 12% in the past 24 hours and up 24% for the week. Of the $ 1.5 trillion in the crypto economy, Bitcoin has 47.1% of that value, while Ethereum (ETH) is 17.8%. At the time of writing, BTC is trading for $ 38,489 per coin.
The second largest crypto asset in terms of market valuation is Ethereum (ETH), which is traded for $ 2,345 per coin. ETH is up 9.59% on the last day and is up 29.47% in the last seven days. The third largest crypto asset, Binance Coin (BNB), is up 7.89% in the past 24 hours and 12.6% for the week. Dogecoin (DOGE) was the biggest winner in the top ten today, as it rose 15.15% on the last day and rose 29.2% for the week.
The biggest winner of over 10,000 crypto assets today is the Token Amp (AMP), which is up 50.3% on the last day. 24-hour statistics show that Thorchain (RUNE) is up 23% and BitTorrent (BTT) is also up 23%. Today’s biggest losers include Flow (FLOW), down 7.5%, Stacks (STX), down 1.7%, and Axie Infinity (AXS), which lost 1.3% in 24 hours. Market aggregators show that the global volume of trade is increasing today, with BTC commanding $ 38 billion of that volume. Tether (USDT) is valued at $ 74 billion and Ethereum (ETH) has $ 24 billion.
FOMO is resolving rumors that Amazon is expanding its crypto asset presence. the end
Speaking to Bitcoin.com News, Etoro’s crypto analyst Simon Peters explained how digital assets experienced a phenomenal breakout earlier in the week. “Crypto saw a breathtaking breakout Monday morning defying the recent investor tribulation,” Peters wrote. “Bullish trading comes over the weekend on news that Amazon is trying to expand its presence in the crypto assets space with news that it has hired a cryptocurrency and blockchain lead,” Peters said. The crypto analyst added:
When PayPal made its announcement, Bitcoin was around $ 11,700, but the bull run that followed brought the crypto asset to an all-time high of $ 63,346.
Bitcoin shorters lose their shirts in liquidation land
Besides the Amazon rumors, most of the action on Sunday evening pent up from the massive liquidation of short sellers. Bitcoin.com News reported a possible short squeeze on July 12th as the BTC / USD shorts began to pile up. The market report stated that in the world of bitcoin trading, short squeeze typically occurs when an unusually high number of BTC / USD short positions are recorded.
At times when this trend occurs, it triggers an extremely rapid pump that leaves short sellers in the dust and in the land of liquidations. Lots of other analysts and traders supposed this market game was in the cards. Almost $ 900 million in short positions were liquidated within 12 hours as BTC appreciated 15% in value fairly quickly. Bybit data shows that a large number of traders were “right” from the short squeeze and the 24-hour liquidation statistic is now $ 1.15 billion.
The annual cycle of Bitcoin
In another investor note sent to Bitcoin.com News, CEO of crypto trading bot company Cryptohopper Ruud Feltkamp stated that all market action is simply part of Bitcoin’s price cycles. “On the face of it, the current bull run is similar to that of 2017, although it is technically absurd and illogical. However, if this continues, it would mean Bitcoin should hit $ 50,000 again soon, ”noted Feltkamp. The Cryptohopper manager added:
The market has been consolidating for some time, and in late summer or early September many were expecting an upturn as it is part of Bitcoin’s annual cycle. Additionally, Amazon’s decision to hire a crypto team and Tesla’s resumption of Bitcoin have given the spark needed to re-launch the cryptocurrency market.
What do you think of the crypto market action over the past 12 hours and recent spikes? Let us know what you think on this matter in the comments below.
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