Wednesday

Bitcoin

PEPE

Time

Bitcoin added more than seven grand in value in the past week and soared past $60,000 for the first time since the end of August earlier today.
The altcoins are also well in the green, with ETH rising above $2,400, LINK exploding by 6%, and even more gains from some meme coins.
CryptoPotato <a href="https://cryptopotato.com/these-altcoins-bleed-out-as-bitcoin-btc-price-fell-by-4k-in-hours-weekend-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> the substantial crash that occurred last Friday when BTC dumped from over $57,000 to $52,500 in hours. At the time, most experts blamed it on macroeconomic factors as well as the <a href="https://cryptopotato.com/weekly-etf-recap-bitcoin-sees-longest-negative-streak-ethereum-demand-missing/" data-wpel-link="internal" rel="noopener noreferrer nofollow">growing net outflows</a> from the spot Bitcoin ETFs.
However, the cryptocurrency began to recover some ground in the subsequent seven-day period and even the CPI data on Wednesday could not <a href="https://cryptopotato.com/btc-rises-above-58k-following-cpi-data-bnb-and-ada-jump-by-6-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">keep it down</a> for long.
The bulls’ most notable leg up occurred on Friday evening – a week after the aforementioned calamity – as bitcoin skyrocketed to a 16-day peak of over $60,500.
Despite losing some traction since then, the asset is still above the coveted $60,000 line, meaning it has gained over 12% in the past week. This massive surge came amid the trend change in the ETFs, but also after MicroStrategy’s <a href="https://cryptopotato.com/microstrategy-announces-massive-1-1-billion-bitcoin-btc-purchase/" data-wpel-link="internal" rel="noopener noreferrer nofollow">announcement</a> about its latest massive BTC purchase.
<figure id="attachment_360032" aria-describedby="caption-attachment-360032" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-16.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-360032" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-16.png" alt="Bitcoin/Price/Chart 14.09.2024. Source: TradingView" width="1835" height="819" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-16.png 1835w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-16-300x134.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-16-1024x457.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-16-768x343.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-16-1536x686.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-16-50x22.png 50w" sizes="(max-width: 1835px) 100vw, 1835px"></a>
 <figcaption id="caption-attachment-360032" class="wp-caption-text">
 Bitcoin/Price/Chart 14.09.2024. Source: TradingView
 </figcaption>
</figure>
The altcoin space has seen impressive increases from the likes of ETH (3%), DOGE (4.5%), XRP (2.5%), TON (4%), AVAX (3.5%), SHIB (4%), LINK (6%), and others. Some meme coins like PEPE have jumped by over 7% in the past day.
The total value of liquidated positions has risen to almost $130 million on a daily scale. GIven that 80% of them are from short positions, this means that over $100 million traders with bearish sentiment have been wrecked, according to CoinGlass.
The post <a href="https://cryptopotato.com/bitcoin-shoots-past-60k-for-the-first-time-in-2-weeks-liquidating-over-100m-in-shorts/" rel="noopener noreferrer nofollow">Bitcoin Shoots Past $60K for the First Time in 2 Weeks, Liquidating Over $100M in Shorts</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Shoots Past $60K for the First Time in 2 Weeks, Liquidating Over $100M in Shorts

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