Last updated on May 18th, 2024 at 12:53 pm
The price of Bitcoin, the largest cryptocurrency in the world by market cap, has suddenly increased to $43000 amid a transfer of 6900 BTC by Grayscale Investments.
Bitcoin’s value has unexpectedly regained the $43k mark, signifying a significant increase from its earlier low of $41,735. In addition, the 24-hour trading volume also witnessed an increase of over $13 billion.
Grayscale transfers 6,900 BTC
The spike in price coincides with a reduction in Grayscale’s asset outflows as reported by Coinglass. According to data from Arkham, Grayscale moved 6,900 BTC to the US-based crypto exchange Coinbase.
At the time, the total value of the transferred asset equals $289.5 million marking a 34% decrease compared to the previous transfer. Furthermore, this is a decrease of more than 45% from the average daily transfer size of $530.2 million observed last week.
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Meanwhile, data from Coinglass show that the global crypto market has liquidated over $120 million in the last 24 hours. Interestingly, the bulk of these were short positions, totaling $63.41 million, compared to $57.13 million for long positions.
This liquidation trend is also visible in shorter time frames, with $51.71 million liquidated in the last four hours alone, with 76.78% of that being short.
Cryptocurrency exchanges like Binance, OKX, and Bybit have contributed significantly to these figures, liquidating $18.12 million, $17.45 million, and $8 million respectively.
Source: Coinglass
Evidently, in the above data, the short liquidation is always higher than the long. This implies that as the price of Bitcoin rises, bearish bets are being forced out.
Bitcoin price today
According to Coinstats data, the value of Bitcoin (BTC) has grown by over 5% in the last 7 days. Additionally, the price of the token is currently experiencing a slight rally of 2.5% over the last day.
What is more, BTC has a 24-hour trading volume of $$19,882,948,176 ($19.8 billion) with a live market cap of $845,213,502,434 ($845.2 billion). Finally, Bitcoin has a circulating supply of 19,612,437 (19.6 million BTC coins.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.