After a Monday morning rally that saw the price of Bitcoin shoot beyond $31,000The largest cryptocurrency by market cap had a second boost hours later, topping $34,000 later in the day, according to data from CoinGecko.
The new benchmark set a record for 2023, reaching values โโnot seen since last May, triggered a torrent of BTC short selling, causing a liquidation of $114 million in the last hour and $145 million in total in cryptoassets, according to the analysis firm. glass coin.
On Coinbase, the leading cryptocurrency exchange, BTC was trading at a premium close to $35,000.
The pair of rallies starting the week have been attributed to building anticipation over the pending approval of Bitcoin spot ETF applications by the Securities and Exchange Commission.
Earlier today, a Washington, D.C. judge officially ordered the SEC take another look in a long-delayed and litigated Grayscale Bitcoin ETF spot application after the regulatory agency failed to respond to an earlier judicial investigation.
Also today, global investment giant BlackRock updated its own app to note that it had begun taking the necessary preliminary steps to launch your Bitcoin spot ETF, including allocating funds and obtaining a ticker symbol. The moves do not guarantee that approval will be obtained, but they suggest confidence that the SEC will eventually do so.
Crypto analysts say that both price increases have crossed the market resistance thresholds of $31,000 and $34,000 respectively, a bullish sign. Popular Crypto Twitter commentator Rekt Capital says the price action is likely to refute the โBearish Bitcoin Fractal", a pricing model that assumes the price could rise to record levels before additional downside causes it to retreat.
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