Bitcoin

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p>Bitcoin, the flagship cryptocurrency, has <a href="https://twitter.com/100eyesCrypto/status/1721954806162411613">added</a> nearly $1,000 to its value following a sharp increase in volatility within the cryptocurrency market.&nbsp;</p>
<p>The top coin reached an intraday high of $35,579 on the Bitstamp exchange at 7:12 p.m. UTC. &nbsp;</p>
<p>Bitcoin has emerged as the second-best performing cryptocurrency among the top 10 by market capitalization (behind only Solana).&nbsp;</p>
<h2 id="shorts-getting-liquidated">Shorts getting liquidated</h2>
<p>Data from <a href="https://www.coinglass.com/LiquidationData">CoinGlass</a>, a cryptocurrency analytics platform, reveals a significant number of short positions have been liquidated in the past hour.&nbsp;</p>
<p>In total, $7.83 million worth of liquidations occurred, with a staggering 89.18% of those being short positions.&nbsp;</p>
<p>Binance, a leading cryptocurrency exchange, saw $3.41 million in liquidations, 86.34% of which were shorts. Similarly, OKX experienced $2.55 million in liquidations with an even higher percentage of shorts at 97.35%.&nbsp;</p>
<p>According to data provided by <a href="https://www.coingecko.com/">CoinGecko</a>, Bitcoin is up 1.1% over the past 24 hours.&nbsp;</p>
<h2 id="tight-bitcoin-supply">Tight Bitcoin supply</h2>
<p>It's challenging to pinpoint the specific reason behind the recent price spike. Yet, Glassnode, a blockchain data provider, has <a href="https://twitter.com/glassnode/status/1721885190468108293">noted</a> that the Bitcoin supply is "historically tight," with a record number of coins being held by long-term investors and significant rates of accumulation occurring.&nbsp;</p>
<p>This could indicate a bullish sentiment among long-term holders, suggesting a confidence in the future value of Bitcoin despite short-term market fluctuations.</p>

Bitcoin Suddenly Adds Nearly $1,000 as Volatility Picks Up Steam

Table of Contents

U_Today

Other articles published on Nov 7, 2023

Google Trend: XRP Menarik Perhatian Warga AS

Three Altcoins in November That May Leave Investors Feeling Remorseful

Binance Lists Ordinals (ORDI): All You Need to Know

SNDL Price Prediction 2023-2025: Can it Deliver 215% Return?

Over 157,000 Bitcoin Transactions Are Waiting To Be Confirmed, Here’s The Issue

Cardano Sets Sights on the Top 10 Crypto Chains by Total Locked Value

Join our free newsletter for daily crypto updates!