The broader crypto market managed to gain for the second day in a row following news of the bankruptcy of major digital-asset lender Celsius. Bitcoin has managed to climb about 2.08 percent in 24 hours, with a price of close to $20,500 (approximately Rs 16.5 lakh) on global exchanges, while Indian exchange Coinswitch Kubera bitcoin is valued at $20,996 (approximately Rs 16.8 lakh), up 1.88 percent. Is. in the last 24 hours. The price of bitcoin on global exchanges such as CoinMarketCap, Coinbase, and Binance is $20,556 (approximately Rs 16.44 lakh), while CoinGecko information Shows that the value of BTC is currently down 4.7 percent week-on-day.
ether, meanwhile, has managed to make a strong upward move the previous day. At the time of publication, Ether is valued at $1,224 (about Rs 97,990) on Coinswitch Kuber, while crypto is valued at $1,189 (about Rs 95,209) on global exchanges, where the cryptocurrency has risen about 7.31 percent in the past. twenty four hours
Ether’s gains over the past few days outweigh losses during the week in the cryptocurrency’s value 3 percent Compared to its value last Friday, according to CoinGecko data.
Gadgets 360 cryptocurrency price tracker Reflecting what we see with BTC and ETH at the moment, almost all the better known altcoins are seeing an increase in value – as the global crypto market capitalization saw a 3.05 percent increase in Thursday and early Friday .
bnb, solana, polygon, stellar, Avalanche, cardanoAnd chain link all see themselves in green monero, uniswap, elrondAnd universe Lead the pack with a profit of over 7 percent.
Memecoins Shiba Inu and Dogecoin have also managed to rise above the start of Friday. dogecoin After adding some 1.63 percent in value over the last 24 hours, it is currently valued at $0.06 (approximately Rs 5.17), whereas, Shiba Inu Its value is $0.000011 (approximately 0.000875), which is 0.92 percent higher than the previous day.
Ki Young Joo, CEO of South Korea-based on-chain analytics company Cryptoquant, has predicted that bitcoin could soon see a massive short squeeze – a situation that triggers a rapid rise in its price. Given the low liquidations, as of June, hourly buys accounted for about 10 percent of market orders, there is a strong possibility that such a scenario could emerge soon.
Waiting for a big short squeeze.
At the end of 2020, many kept pinging short positions $BTC And got liquidated in the $10k-20k range before the parabolic bull-run started.
At the time, 10% of hourly buy market orders were from small liquidations. Now, it’s about 1%. pic.twitter.com/tlVdw2RQHX
— Ki Young Ju (@ki_young_ju) 14 July 2022
According to Xu, the fact that Bitcoin could potentially experience another significant short squeeze does not mean that a new bullish cycle is about to begin. However, this indicates that the cryptocurrency is close to bottom out.
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