Galaxy

Impact

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 Cover image via <a href="https://u.today/">U.Today</a>
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Bitcoin's price soared to $38,437 on the <a href="https://www.tradingview.com/chart/yAgtHh3T/?symbol=BITSTAMP%3ABTCUSD">Bitstamp</a> exchange earlier today. This marks its highest level since May 2022.&nbsp;
<img alt="BTCUSD chart by TravingView" data-entity-type="file" data-entity-uuid="e0870cf3-6c59-4382-bdd5-95140fb7da20" src="https://u.today/sites/default/files/inline-images/BTCUSD241951.png">BTCUSD chart by <a href="https://www.tradingview.com/chart/yAgtHh3T/?symbol=BITSTAMP%3ABTCUSD">TradingView</a>
<h2 id="the-top-reasons-behind-the-rally">The top reasons behind the rally</h2>
The resolution of the <a href="https://u.today/binance-records-1-billion-in-outflows-is-binance-too-big-to-fail">Binance</a> legal saga is seen as a pivotal factor in this recent price hike. Binance, the world's largest cryptocurrency exchange, recently faced legal challenges, including a guilty plea from its founder Changpeng Zhao for violating U.S. anti-money-laundering laws and his departure.&nbsp;
The exchange agreed to pay a hefty $4.3 billion in fines. Galaxy Digital CEO Mike Novogratz had earlier predicted that a settlement in this case would be "super bullish" for Bitcoin.&nbsp;
His prediction seems to be materializing since the market has responded positively to the resolution. &nbsp;
Additionally, the anticipation surrounding the approval of "spot bitcoin" ETFs by the U.S. Securities and Exchange Commission (SEC) is contributing to the bullish sentiment.&nbsp;
The SEC faces a Jan. 10 deadline to decide on several pending applications for these ETFs.&nbsp;
If approved, they are expected to offer a more cost-effective way for investors to gain exposure to Bitcoin.
<h2 id="impact-of-liquidations">Impact of liquidations</h2>
Another critical factor influencing Bitcoin's price is the recent spike in market liquidations. According to Coinglass <a href="https://www.coinglass.com/LiquidationData">data</a>, there has been a substantial increase in both long and short position liquidations across various time frames, with total liquidations in the past 24 hours reaching $80.29 million.&nbsp;
This includes $26.79 million in long positions and $53.49 million in short positions.&nbsp;
Such liquidations often contribute to increased market volatility, influencing the price dynamics of Bitcoin.

Bitcoin (BTC) Price Reaches New 2023 High. Key Reasons Why

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