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Finally, The price of Bitcoin hits 40k dollars. This BTC price rally has been fueled by regulatory optimism and market dynamics. In this Pooyan Music post, we will examine the reason for the $40,000 price of Bitcoin.
The price of Bitcoin rose again. Bitcoin on the Bitstamp exchange reached its highest level in 2023, i.e. $41,522. This resurgence is an important milestone for the digital currency, which has had an ups and downs journey over the past year.
Analysts attribute the rise to several key factors, including regulatory developments and market dynamics, painting a picture of a maturing crypto landscape.
The main reasons are that the price of Bitcoin became 40 thousand dollars
As reported by Bloomberg, Tony Sycamore, market analyst at Instagram Australia Pty, highlights two main factors: the possible approval of a Bitcoin ETF by the SEC and the prospect of a Fed rate cut in 2024.
Su Yen Chia, co-founder of Asia Crypto Alliance, notes that recent enforcement actions against questionable practices in the crypto world have instilled a sense of confidence among investors.
Mike Novogratz predicted that the outcome of the Binance case would be positive for the industry.
According to data from CoinGlass, the increase in the price of Bitcoin has had a significant impact on market positions and has led to significant liquidity.
In just one hour, the market saw $32.06 million worth of liquidations, mostly in short positions.
This trend continued in longer timeframes, and the 4-hour, 12-hour, and 24-hour liquidations reached $72.94 million, $143.24 million, and $184.73 million, respectively.
Most of these liquidations were short selling positions, reflecting the unexpected strength of Bitcoin’s rally. This phenomenon was observed in various exchanges, Binance, OKX and Bitmax reported a high rate of short-term liquidity.
