"A little while later, the price of BTC will go up again during Eid, won't it?"
The price of cryptocurrency king Bitcoin (BTC) finally managed to touch back $72,716 as interest in BTC futures open interest saw an increase where it is a measure of the total number of outstanding futures or options contracts in the digital asset sector.
As the entire crypto market experienced fluctuating movements in the last 24 hours, there were $58 million short positions liquidated with the highest single liquidation being $7.83 million.
The figure is quite high for the broader crypto market as more than $121 million short positions have been liquidated, but it should be noted that the price of Ethereum (ETH) rose 7.61% throughout the past day despite still lagging behind BTC since last month.
It is widely known that experts think BTC's drop of about 3% in the last week may be due to the outflow of crypto fund manager Grayscale which plummeted from $528 million to $80 million in a day.
All the movement was witnessed due to the anticipation of the BTC halving event which will take place in April 2024 and historically, this is a bullish event for long-term investors as the price of BTC often jumps 3,230% after each halving.
However, crypto exchange Coinbase warned investors to be careful following the narrative as past performance is not an indicator of success or future performance.
As of this writing, BTC price has surged by 3.20% to $71,529 in the last 24 hours with a market capitalization of over $1 trillion and is up 3.33% over the past week.
