According to crypto derivative data analysis platform Coinglass, more than $109 million in Bitcoin short positions have been liquidated in the past 24 hours.2
Meanwhile, gold also has reached an all-time high, above $2,115, in recent days.3 Bitcoin's fans sometimes refer to it as "digital gold" and argue it acts as a similar store of value over the long term. A positive correlation between the two assets is often seen as an indication of Bitcoin's further adoption and development toward that goal.
On X (formerly Twitter), El Salvador President Nayib Bukele announced Monday that the country's Bitcoin holdings are now in the black in dollar terms.4 Bukele began purchases on behalf of El Salvador near the peak of the previous bull market cycle in 2021.
Unlike traditional money, cryptocurrencies can be used to purchase goods and services on the internet, in addition to being held as investments (like stocks). However, crypto prices are notoriously volatile, and investing in any kind of crypto can be risky, according to investment firm Charles Schwab.
There are more than 11,000 cryptocurrencies, but bitcoin is the most valuable (in dollar terms), in addition to having the largest market capitalization of any digital asset, data from crypto price tracker CoinGecko shows.
When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Investors, however, began returning in large numbers as inflation started to cool. And the collapse of prominent tech-focused banks actually led more investors to turn to crypto as they bailed out of positions in Silicon Valley start-ups and other risky bets.
Bitcoin traded around $41,750 Monday afternoon after peaking at $42,140 overnight Sunday — its highest price in 20 months. The world's largest cryptocurrency has bolted 153% so far this year.
Ethereum hovered near $2,250 late Monday, its highest level since May 2022. ETH rallied 88% in 2023.
Coinbase shares leapt 5.5% Monday, adding to their 7.3% gain on Friday. COIN stock rocketed 299% higher this year.
MicroStrategy, which heavily invests in bitcoin, jumped 6.7% Monday. MSTR stock gained about 298% in 2023.
Crypto miner Marathon Digital rallied 8.5% Monday while rival Riot Platforms (RIOT) surged 10.2%.
A spot bitcoin ETF would allow traditional investors to have exposure to the digital asset without actually owning it. The market has long desired a way to ride the digital asset’s wild rallies, but its volatility has also made owning bitcoin unappealing outside of the digital asset community.
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