BTC experienced an 8% surge over the last day, a jump not seen since September 2, when the currency rose 10.5%. This seems to be attributed to the well-documented phenomenon of a short squeeze, which has historically driven prices up, pushing Bitcoin beyond the $24,000 mark for the first time in two weeks.
At certain points in the recent days, the most valuable digital currency in the market had dropped lower than $21,600 due to the worries of cryptocurrency regulation, particularly concerning the stablecoin industry, as well as the actions taken by the U.S. Federal Reserve to control inflation.
The worries associated with the largest cryptocurrency by market capitalization dissipated rapidly as it surpassed the $24,100 mark during the afternoon, although it then slightly decreased.
The crypto data supplier Coinglass discovered that during the past 24 hours, traders who were wagering on price movements liquidated a total of around $40 million worth of bitcoin, with approximately $37 million of the liquidation coming from short positions.
The prices of crypto-associated stocks surged, with Coinbase (COIN) and Marathon Digital Holdings (MARA) climbing 15%. In addition, MicroStrategy (MSTR), a major owner of Bitcoin, ascended by more than 9%.
The CoinDesk Market Index experienced an increase of 4% for the day and Ether (ETH) was seen to have risen 5.5%, trading at $1,645.
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