The price of Bitcoin just surged. Compared to 24 hours ago, the value is up 9%. The current Bitcoin price is $25,000 at the time of writing. And there?
Bitcoin price continues to rise
The ascent started shortly before 8 p.m. and the highest point of the day does not seem to have been reached yet.
In the past 24 hours, the price of Bitcoin has risen by 9%, which equates to an increase in value of about 2000 euros. There are currently 19,291,875 BTC in circulation with a market cap of $428 billion.
Bitcoin beats dollars
Yesterday, the US government announced inflation figures that caused several stock indices to plummet. In contrast, the DXY, an index that compares the value of the US dollar against other national currencies, rose.
Typically, the price of bitcoin moves in the opposite direction, so when the dollar rises, bitcoin falls, but the cryptocurrency has shown momentum towards independence throughout the year.
Good 2023 for bitcoin price
Bitcoin has started this year strong and is up more than 45% since January 1. The party was temporarily stopped by US regulators, which had a negative effect on the market. Fines were imposed and companies reprimanded.
The rise of the past few hours has caused a stir in the futures markets. Here, traders can bet on a higher or lower price for not only Bitcoin but other cryptocurrencies as well.
Many liquidations due to rising bitcoin
Coinglass shows $69 million in liquidations in the last hour, most of it in Bitcoin and Ethereum. The largest liquidation was a $2.54 million trade and so far 28,000 trading positions have been liquidated in the last 24 hours.
BLOX prices reflect the spot market. This is a term that indicates that financial products such as bitcoin, altcoins, commodities, currencies and stocks are traded for instant delivery. You pay euros and receive bitcoin in your safe, easy. The price you pay is the spot price.
In addition to the spot market, there is also the futures market. Here you buy contracts that you only have to pay off in the future (i.e. in the future). For example, you can buy a contract that says you expect a certain stock to be higher or lower than it is in a month from now. No-deadline futures contracts also exist in the crypto market, with the ability to make a lot of money quickly… or lose it.
Gambling is only allowed with a guarantee
To enter into such a contract, a trader must have collateral in the form of the cryptocurrency they are betting on, primarily Bitcoin. Today, the price has risen sharply out of the blue, forcing anyone who bets on a lower price to deposit more and more collateral. Otherwise the contract will be terminated.
The bitcoins in these terminated contracts are then sold at a higher price than agreed, so that the price can rise slightly again. This in turn causes even more positions to disappear and the price to rise again.
Tomorrow we will take a closer look at today’s price action.
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Source: Btc Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
