Posted 2/27/2024, 10:21:45 AM
Bitcoin Price Surges Past $56K as Short Squeeze Fuels Record Investment and Market Activity
- Bitcoin price surged past $56,000 on Monday night and held steady above that level on Tuesday morning
- Over $278 million worth of short Bitcoin positions were liquidated in the past day
- Bitcoin open interest across major exchanges like CME and Binance reached all-time highs around $7.8 billion and $6 billion
- High open interest signals increased market activity and liquidity, though not necessarily a definitive bull market
- A record $1.3 billion flowed into the iShares Bitcoin Trust ETF on Monday, bringing its assets under management to $6.6 billion