CoinGlass data reveals that the price surge in the past 24 hours has led to the liquidation of an impressive $36.6 million worth of short positions, making it the highest liquidation volume recorded this month.
'The market appears to be in a period of quiet accumulation, which suggests an undercurrent of demand,' one analyst said.
The market's risk-off sentiment likely reflects its message to China that 10 basis point rate cuts alone are insufficient to stimulate the decelerating economy.
As Asia markets opened, the largest cryptocurrency by market value surged to $26.8K. ALSO: A recent report from the Financial Times has sparked new concerns regarding the suitability of crypto exchanges engaging in market making activities.
The token plummeted to a new low of 46.18 cents, marking its lowest point this month, amidst a crypto market sell-off on Wednesday afternoon.
As of Thursday morning, the USDT holdings in Curve's widely used '3pool' have surged to more than 72%, indicating an abrupt imbalance.
The options market exhibits a preference for bitcoin-related put options in anticipation of the crucial Federal Reserve meeting.
In his 2018 speech, Hinman expressed his viewpoint that bitcoin (BTC) and ether (ETH) were not considered securities.
Glassnode reports a remarkable surge in the 14-day average of miner transfers to exchanges, skyrocketing to an impressive 489.26 BTC. This surge signifies the highest level witnessed since March 2021.
The MACD histogram is a popular technical indicator utilized extensively for assessing the strength of trends and identifying potential trend shifts.