Bitcoin (BTC) Surges Above $66,000 Again
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Bitcoin's recent ascent has triggered a cascade of short liquidations, exceeding a staggering $48 million on th 15th of May.
This surge coincided with a pivotal moment as the digital currency soared past the $66,000 threshold. The timing couldn’t have been more poignant, with the unveiling of U.S. inflation metrics on Wednesday, unveiling a nuanced picture: a modest 0.3% monthly uptick coupled with a 3.6% year-on-year increase in core CPI.
These figures mark a notable departure, signaling the most subdued annual reading since April 2021. The implications are clear—hints of a potential slowdown in the inflationary tide.
As Bitcoin surged, liquidations of BTC positions eclipsed the $58 million mark, contributing significantly to the broader cryptocurrency market’s liquidation spree, totaling a staggering $155 million within the same timeframe.
Of particular note, approximately $113 million of these liquidations stemmed from short positions, an insight gleaned from Coinglass data analytics.
READ MORE: Canadian Banks Enter U.S. Bitcoin ETF Market with Multi-Million Dollar Investments
At the present moment, Bitcoin commands a price tag hovering around $66,300—a testament to its relentless upward momentum, registering an impressive 6% surge within a day, as documented by The Block’s meticulous price tracking mechanisms.
In parallel, Bitcoin spot ETFs witnessed an unprecedented surge in daily inflows, a resurgence not witnessed since early May, boasting a net influx that breached the $302 million threshold on Wednesday.