Bitcoin reached a high of $20.9k on Saturday, leaving short sellers who bet against its ascent in the red.
The flagship Cryptocurrency has been on the rise all week as recent positive macroeconomic reports breathe life into a largely depressed market.
Data from CoinGecko shows that the price of bitcoin hasn’t been this high since early November, just before the stunning collapse of FTX.
Why the rise: Bitcoin prices began its surge earlier in the week in anticipation of the release of the Federal Reserve’s December Consumer Price Index report.
But, none of this ensures that this year will be favorable for risk assets, but it does indicate that things will appear much more normal than they did last year.
With Bitcoin up 16% since the beginning of 2023, derivatives analytics show little indication of demand from leveraged short sales or defensive put options.
Meanwhile, About 12,621 traders were liquidated on that day, totaling $650.99 million in liquidations. The greatest single liquidation order, worth $6.84 million, was placed on Huobi.
The U.S. Securities and Exchange Commission (SEC) accused Gemini and cryptocurrency exchange Genesis Global Capital of selling unregistered securities through Gemini’s “Earn” program on January 12.
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