Bitcoin has once again proven its strength by surpassing the $122,000 mark and setting a new record. This article explores the details of the recent surge and the associated liquidations.
Bitcoin's New Record
Bitcoin has shown unexpected strength, crossing the $122,000 level. Its total market capitalization now exceeds $2.04 trillion, allowing it to surpass Amazon and take a place among the top five assets globally.
Liquidations in Derivatives
There has been a massive liquidation of positions in the derivatives markets. In the past day, nearly $732 million was liquidated. Long positions incurred losses of $116 million, while shorts suffered over $600 million in liquidations. The largest liquidation amounted to $98 million on Binance in the BTC-USDT pair.
Impact of Macro Factors
Existing macroeconomic factors may influence future market movements. Consumer Price Index (CPI) data will be released on Tuesday, and Producer Price Index (PPI) data will come out on Wednesday. Three historic crypto bills are also being considered in Congress, which could serve as significant catalysts for the market.
In the current scenario, Bitcoin continues to show robust growth, while the liquidation of positions opens new opportunities in the market. The impact of macro factors will become more pronounced following the release of key economic data.
