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Bitcoin (BTC) Surges Above $66,000 Again

Bitcoin (BTC) Surges Above $66,000 Again

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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