Key Highlights
- Bitcoin surpasses $30K for the first time since June 10, 2022.
- 31,473 traders liquidated, totaling $173.26 million in losses.
- Crypto Fear and Greed Index remain in the “Greed” zone, indicating positive sentiment among investors.
Bitcoin surged past the psychological level of $30K as traders awaited crucial U.S. inflation data later in the week.
The primary crypto asset crossed this threshold for the first time since June 10, 2022, as investors’ confidence in U.S. central bank monetary policy increased and the banking turmoil of March receded farther into the past.
31,473 traders were liquidated on the last day, totaling $173.26 million in liquidations. The greatest single liquidation order, worth $11,000,000, was placed on Huobi.
Liquidation occurs when a trader’s position is closed by an entity because they have lost all or part of their original margin.
This occurs when they are unable to meet the margin requirements for their leveraged position, or when they do not have enough money to maintain the open position. When the price of the underlying asset suddenly drops, margin needs are frequently inadequately supplied.
Recall that the last time it traded at such levels was June 10, 2022, before declining to a low of around $20,000 for the remainder of the year and the beginning of 2023. Investors have been cautiously assessing the effects of a nearly bankrupt banking system, ongoing inflationary pressures, and other macroeconomic risks for the last three weeks.
The price of Bitcoin began trading around $16,600 in 2023 and has since increased by roughly 80%. As some investors began to doubt the stability of the current monetary system and their appetite for assets with long-term value following the failure of Silicon Valley and Signature banks in late March, the cryptocurrency market began to gain traction.
In late March, cryptocurrency prices picked up steam after a surge in January amid signs of slowing inflation. Gold prices have reached $2,000 for the first time since 2020 due to a recent increase. Gold prices have reached $2,000 for the first time since 2020 due to a recent increase.
The much-anticipated United states Inflation data for the month of March will be crucial in determining whether or when the Fed will pause or end its rate hikes. The Crypto Fear and Greed Index has been consistently in the “Greed” zone since last week, with the most recent update on April 11 showing a score of 68 out of 100.
The Crypto Fear and Greed Index, with a maximum score of 100, try to numerically represent the current “emotions and attitudes” about Bitcoin and the cryptocurrency market. Also, on March 21, the index reached a score of 68, which is the highest level since Nov. 16, 2021, only days after Bitcoin’s all-time high of more than $69,000 was registered.
