After a shaky start to August, the cryptocurrency market is witnessing a strong comeback, once again lifting prices of Bitcoin and Ethereum.
Liquidations of $700 Million from Short Positions
As a result of the rapid rise of Bitcoin and Ethereum, over $700 million in short positions were liquidated in the cryptocurrency derivatives market. According to Coinglass data, in the last 24 hours alone, 107,746 traders lost $350.69 million. Of these losses, $215 million came from short positions.
Bitcoin and Ethereum on the Brink of New Records
At press time, Bitcoin was trading at $122,314, just 0.71% shy of its record high of $123,091. Ethereum was hovering at $4,305, approximately 12% below its peak of $4,809. Historically, August is a bullish month for cryptocurrencies.
Capital B Expands Bitcoin Holdings
Capital B, listed on Euronext Growth Paris, confirmed the acquisition of 126 BTC for approximately $14.4 million. This acquisition boosts its total Bitcoin holdings to 2,201 BTC, valued at around $233.6 million.
With Bitcoin and Ethereum on the rise and continued interest from institutional investors, the potential for reaching new highs in the near future remains strong.
