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Home»ADOPTION NEWS»Bitcoin surged past $66,000 in a volatile move, sparking a surge in short-term liquidations.
ADOPTION NEWS

Bitcoin surged past $66,000 in a volatile move, sparking a surge in short-term liquidations.

By Crypto FlexsMay 16, 20242 Mins Read
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Bitcoin surged past ,000 in a volatile move, sparking a surge in short-term liquidations.
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Bitcoin BTC

+5.61%
Short liquidations surged to more than $48 million in the past 24 hours after the largest digital asset by market capitalization rose above $66,000.

The rally followed the release of U.S. inflation data on Wednesday, which showed core CPI rising 0.3% month-on-month and 3.6% year-on-year. This is the lowest core inflation figure for 12 months since April 2021, and the smallest monthly increase since December. These figures suggest that inflation is cooling.

As the price of Bitcoin rose over the past day, the total number of Bitcoin positions liquidated reached $58 million. In the same period, the broader cryptocurrency market saw liquidations of more than $155 million. The majority of these combined cryptocurrency liquidations (about $113 million) were short positions, according to Coinglass data.

According to The Block’s price page, Bitcoin is trading around $66,300 at the time of this writing and is up more than 6% in the last 24 hours.

Spot Bitcoin ​​ETF inflows increase

The Bitcoin spot ETF recorded its highest daily inflows since early May, bringing total net inflows to more than $302 million on Wednesday. This is the highest inflow since May 3.

Fidelity’s FBTC led inflows with $131 million, followed by Bitwise Bitcoin ETF (BITB) with $86 million. According to SoSoValue data. Additionally, Ark Invest and 21Shares’ ARKB raised $39 million.

Bitcoin dominance rose slightly over the past day to 51.9%, while Ether dominance fell slightly to 14.4%, according to data from Coingecko. According to The Block’s pricing page, the global cryptocurrency market capitalization has increased 5.5% in the last 24 hours, now reaching $2.51 trillion.

The GM 30 Index, which represents the top 30 cryptocurrencies, rose 5.45% to 133.49 during the same period.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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