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The price of bitcoin jumped more than 15% in the space of three hours on Sunday night and came very close to the $ 40,000 mark. Since then, the crypto asset has fallen a few percentages and is currently above the $ 38,000 range. The entire cryptocurrency economy grew 9.72% to $ 1.53 trillion in aggregate value.
Bitcoin price skyrockets after long period of consolidation
Bitcoin and digital asset values have risen dramatically over the past 12 hours as bitcoin (BTC) jumped over 15% last night (EDT). BTC managed to maintain above the $ 38,000 zone on Monday after falling $ 39,850 per unit at 9:00 p.m. Sunday. Bitcoin is still up 12% in the last 24 hours and up 24% for the week. Of the $ 1.5 trillion in the crypto economy, bitcoin commands 47.1% of that value while ethereum (ETH) commands 17.8%. At the time of writing, BTC is trading for $ 38,489 per coin.
The second largest crypto asset, in terms of market valuation, is Ethereum (ETH), which trades for $ 2,345 per coin. ETH gained 9.59% in the last day and is up 29.47% in the last seven days. The third largest crypto asset, the Binance Coin (BNB), rose 7.89% in the past 24 hours and 12.6% for the week. Dogecoin (DOGE) was the biggest winner in the top ten today as it jumped 15.15% in the last day and is up 29.2% for the week.
Today’s biggest winner of the 10,000+ crypto assets is the token amp (AMP), up 50.3% in the past day. 24 hour statistics show thorchain (RUNE) is up 23% and bittorrent (BTT) has gained 23% as well. The biggest losers today are flow (FLOW), down 7.5%, stacks (STX), down 1.7% and axie infinity (AXS), which lost 1.3 % in 24 hours. Market aggregators show that there is an increase in the volume of global trade today, with BTC accounting for $ 38 billion of that volume. Tether (USDT) captures $ 74 billion and Ethereum (ETH) $ 24 billion.
Rumors of Amazon expanding its presence in crypto-assets trigger FOMO
Speaking to Bitcoin.com News, Etoro crypto analyst Simon Peters explained how digital assets experienced a phenomenal breakthrough to start the week. “Crypto staged an astonishing breakthrough on Monday morning, defying recent investor gloom,” Peters wrote. “The bullish trading follows the announcement this weekend that Amazon is looking to expand its presence in cryptoassets, with the announcement that it is hiring a cryptocurrency and blockchain manager,” said Peters. The crypto analyst added:
When Paypal made its announcement, bitcoin was languishing around $ 11,700, but the ensuing bull run took the crypto asset to an all-time high of $ 63,346.
Bitcoin Shorters lose their shirts in liquidation Land
Besides the Amazon rumors, most of the action on Sunday night stemmed from the massive liquidation of short sellers. Bitcoin.com News reported on a possible short-term tightening on July 12, when BTC / USD shorts began to pile up. The market report explained that typically short cuts occur in the bitcoin trading world when an unusually high number of BTC / USD short positions are registered.
The moment this trend occurs, it sets off an extremely fast pump that leaves short sellers in the dust and in the land of liquidations. Many other analysts and traders have assumed this market game is in the cards. Almost $ 900 million in short positions were liquidated over a 12-hour period, with BTC rising 15% in value fairly quickly. Bybit data shows that a large number of traders have been “rekt” by the short squeeze and the 24 hour liquidation statistics now stand at $ 1.15 billion.
Bitcoin’s annual cycle
In another investor note to Bitcoin.com News, Ruud Feltkamp, CEO of crypto trading robot company Cryptohopper, explained that all market action is simply part of bitcoin’s price cycles. “On a superficial level, the current bull run resembles that of 2017, although it is technically absurd and illogical. However, if this continues, it would mean that bitcoin should soon hit $ 50,000 again, ”Feltkamp noted. The Cryptohopper executive added:
The market has been consolidating for some time and many expected a recovery in late summer or early September as this is part of Bitcoin’s annual cycle. Additionally, Amazon’s decision to hire a crypto team and Tesla to accept bitcoin again provided the spark needed to revive the cryptocurrency market.
What do you think of the crypto market action over the past 12 hours and recent spikes in value? Let us know what you think of this topic in the comments section below.
Tags in this story Amazon, Bitcoin derivatives, Bitcoin Long, Bitcoin long positions, Bitcoin short positions, Bitcoin shorting, Bitcoin short, BTC long, BTC short, BTC / USD, ETH / USD long positions, ethereum short positions, liquidated, Liquidation, long squeeze, Marges, Ruud Feltkamp, bitcoin short, BTC short, Short Squeeze, Simon Peters
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