Bitcoin Roars Back to Life: The $60,000 Milestone That’s Sending Shockwaves Through the Market
Bitcoin Reclaims $60,000 Level as Global Digital Asset Markets Surge
Bitcoin (BTC) has reclaimed the crucial $60,000 level, leading to a surge in global digital asset markets. The largest cryptocurrency has seen a 12% increase over the past seven days, while bearish estimates have largely failed.
The cumulative crypto cap has increased by 3% over the past day, reaching $2.11 trillion. Major altcoins, such as Ether (ETH) and Dogecoin (DOGE), have recorded gains of 3% and 5% respectively over the past 24 hours. The Fear and Greed Index has bounced out of the fear zone, with a ‘neutral’ sentiment signal at 50 points.
Bitcoin Bears Face Significant Losses
According to recent data, over 35,000 traders who had bet on various cryptocurrency price movements were liquidated in the last 24 hours. The total liquidation amount was $127.96 million, with the largest single liquidation order being $14.18 million on Binance for BTC/USDT.
Bitcoin alone has seen $53.5 million worth of liquidations in the past 24 hours. More than $48.67 million of the liquidated bets (90%) were short positions placed by traders on Bitcoin price performance. This suggests that bears were hoping BTC would continue its downward trend, while the largest cryptocurrency broke the $60,000 mark.
Source: Soso Value
Bitcoin’s price has surged more than 4% in the past 24 hours, offsetting long-term losses. BTC is trading at an average price of $60,307 at press time. 24-hour volume has increased 5% to $32.5 billion.
BTC ETF Sees Significant Inflows
The BTC-linked ETF has reflected the bullish sentiment returning to the market, recording a massive inflow of $263 million on September 13. The fund remained in the green for two consecutive days after seeing an outflow of $43.97 on September 11.
MicroStrategy (MSTR) saw another big Bitcoin move on Friday, with its stock price surging 8% as it accumulated $1.1 billion worth of Bitcoin. MSTR stock closed Friday at $141.4, up 18% over the past five days.
Founder Michael Saylor stated that MicroStrategy’s average Bitcoin purchase price over the past four years has been $38,585 per coin. The company currently holds 244,800 BTC, worth $14.6 billion. He introduced a BTC yield indicator that shows that selling stocks and buying Bitcoin increases shareholder value by 17%.