Bitcoin Hits $37K as 2023 Rally Continues on ETF Hopes and Short Squeeze
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Bitcoin reached its highest price in 2023 on Thursday, hitting $37,200 after gaining 4.5% in 24 hours.
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The cryptocurrency has rallied 122% year-to-date and 134% over the past 12 months.
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Optimism continues around a potential spot bitcoin ETF, with new SEC talks underway.
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A short squeeze occurred Thursday morning as short-sellers exited nearly $50M in positions.
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Bitcoin's next "halving" event in 2024 is expected to restrict supply and potentially push prices over $100k.