- Bitcoin climbed to a high of $72,650 for the first time in four weeks.
- BTC price rally liquidated over $55.72 million in the past 24 hours.
- Meme coins rally alongside Bitcoin, with Dogecoin, Shiba Inu, Dogwifhat, PEPE and Flok among the top gainers.
Bitcoin (BTC) hit $72,650 on Monday, the highest level in almost four weeks and liquidating $55.72 million in short positions, according to Coinglass data. The 4% daily increase comes about 10 days away from the Bitcoin halving, an event that historically has led to further price gains.
Alongside Bitcoin’s rise, meme coins prices such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Pepe (PEPE) and Floki (FLOKI) increased by double digits.
Bitcoin price rally ushers mass liquidation in derivatives market
Bitcoin price ranged below the $73,777 year-to-date peak of March 14. The largest crypto asset by market capitalization started its climb towards the $73,000 level on Monday, hitting a high of $72,760. At the time of writing, Bitcoin price corrected slightly to $71,997.
BTC price rally ushered liquidation in short positions in the derivatives market. Traders betting against Bitcoin gains lost nearly $55 million in the past 24 hours. On the contrary, long position holders have gained nearly $11 million, according to Coinglass data.
Bitcoin derivatives data
The Bitcoin halving, scheduled to occur in around ten days, on April 18, is likely the catalyst driving gains in BTC. Typically, Bitcoin price rises in the days leading up to the block reward halving and sees a correction within 90 days after the event. If the pattern of previous halvings repeats itself, the same is expected of BTC in the upcoming halving. Read more about this here.
Data from Farside Investors shows that institutional capital inflow to Blackrock’s IBIT ETF closed in on net $15 billion till date, a new milestone for the investment product, alongside Bitcoin’s recent gains.
Bitcoin ETF inflow table
Bitcoin’s gains have catalyzed a meme coin price rally. Largest meme coins by market capitalization DOGE, SHIB, WIF, PEPE and FLOKI have yielded between 4% and 16% gains on the day. In the ongoing cycle, the speculative assets (meme coins) have rallied alongside Bitcoin and suffered a correction each time BTC price declined. Experts consider meme coins a key theme of the Bitcoin bull market in 2024.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.