Bitcoin (BTC) has posted eight straight days of gains and has broken back above $18,000 for the first time since mid-December..
The cryptocurrency had not posted such a long winning streak since July 2021in the midst of the COVID-19 pandemic.
In the last seven days, the BTC price has risen almost 8%, and it had a 4.1% rally in the last 24 hours. at the time of writing this article.
Cointelegraph analysts predicted on Jan. 11 that bitcoin could rally as high as $18,000, with its upward price move putting pressure on $275 million worth of weekly options. that expired on January 13 with bets of USD 16,500 or less.
The CEO of the hedge fund Moskovski Capital, Lex Moskovski, tweeted an image on Jan. 11 showing $86 million worth of bitcoin shorts were “getting smoked big.”.
Shorts are getting smoked royally.
$86M in the last 4h. pic.twitter.com/hNPwn4C53M
— Lex Moskovski (@mskvsk) January 11, 2023
The shorts are being smoked in a big way. USD 86 million in the last 4 hours. pic.twitter.com/hNPwn4C53M
The price of BTC fell almost 65% during 2022. The broader cryptocurrency market also faced headwinds resulting from numerous bankruptcies and crashes in the space in the same year.including that of crypto exchange FTX, the second largest exchange at the time of its bankruptcy.
It seems that #Bitcoin likes to remind us that it doesn’t give a shit about exchanges, investor letters, open letters, and ponzi schemes: pic.twitter.com/OfmmdWeUvz
— Andrew (@AP_Abacus) January 12, 2023
It seems bitcoin likes to remind us that it gives a shit about exchanges, investor letters, open letters and ponzi schemes: pic.twitter.com/OfmmdWeUvz
On Jan. 11, FTX said it had recovered $5 billion in cash and crypto that it could sell to pay its creditors, a move some say could form a bullish narrative. if FTX customers are paid.
yup my sense is that is and always has been the best recovery scenario for customers. I think that they being made substantially whole is a real possibility; I think we were possibly a few weeks away from getting there in November. (US is solvent, should make everyone whole.)
—SBF (@SBF_FTX) January 12, 2023
Yes, my perception is that it is and always has been the best recovery scenario for clients. I think it is a real possibility that most of their debts will be repaid; I think that in November we were a few weeks away from achieving it. (The US is creditworthy, they should all be reimbursed.)
The exchange also found a number of cryptocurrencies that it says will be harder to sell as the markets for those assets are illiquid..
Nevertheless, some have called for price caution, saying a BTC price rally is typical ahead of the release of US Consumer Price Index (CPI) data.
Never fails. This is third pre-cpi ramps.
—Bill Noble (@crypto_noble) January 12, 2023
It never fails. This is the third pre-cpi ramp.
The CPI data is due to be released on January 12 and many seem to expect it to show that inflation is declining and that the Federal Reserve could slow down interest rate hikes..
This sentiment has also caused a rise in stock prices.; the S&P 500 is up 4% in the past five days, according to Google Finance.
US Treasury yields have also seen a slight decline recentlyaccording to data from Bloomberg.
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