Bitcoin’s cost increased by over 41,000 dollars on Monday, reaching new levels since the unfortunate collapse of the crypt stablecoin TerraUSD in 2022.
BTC has shown continued strength as the cryptocurrency market anticipated the approval of a spot Bitcoin ETF (exchange-traded fund) by the U.S. SEC (Securities and Exchange Commission) and looks toward the upcoming halving event of BTC.
As per Coinglass, a data analysis platform for crypto derivative data, over 109 million dollars in BTC short positions have been actually liquidated just in the past day alone.
Meanwhile, gold has also reached a great high, over 2,115 dollars recently.
Bitcoin’s fans refer to the same as ‘digital gold’ at times and even argue how it acts like a similar store of value over a long period of time. An absolutely positive correlation between these two assets is typically spotted as a basic indication of the BTC’s further adoption as well as development towards that particular goal.
On X, Nayib Bukele, the President of El Salvador, announced on Monday how the country’s BTC holdings are currently black in $ terms. He said, “Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, but this won’t affect our long-term strategy.”Shares of COIN (crypto exchange coinbase) increased over 5% on Monday, and MSTR (Microstrategy ), a tech company that allegedly held almost 175,000 as of 29th November, gained by seven percent since Friday’s close.