LAGOS, Nigeria (VOICE OF NAIJA) – Bitcoin has surged past the $27,000 mark after lingering around $26,000 for weeks.
The cryptocurrency registered a notable 5.30 percent increase on Wednesday, reaching $27,496.
This shift resulted in a $1,409 jump in the last 24 hours. Experts attribute this surge to the liquidation of approximately $75 million in short positions across exchanges.
Ether also experienced a significant rise of 3.81 percent on Wednesday, reaching $1,718. This translates to a $65 increase over the last day.
Edul Patel, CEO of Muder, noted that this positive growth could be linked to a US court ruling involving Grayscale’s lawsuit against the Securities and Exchange Commission regarding the conversion of the Grayscale Bitcoin Trust to an ETF.
This development has generated positive sentiment among market participants and could lead to more major companies applying for Bitcoin spot ETF licenses in the future.
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Profits for top cryptocurrencies, BTC and ETH, often trigger a rebound in the broader crypto market.
On Wednesday, Tether, Binance Coin, Ripple, Cardano, Dogecoin, Solana, Tron, and Polygon all recorded gains.
Additionally, Litecoin, Shiba Inu, Bitcoin Cash, Avalanche, Leo, Stellar, and Chainlink also saw marginal increases.
CoinMarketCap data shows that the overall crypto market valuation increased by four percent in the past 24 hours, reaching $1.09 trillion.
The fear and greed index has risen by 10 points and has entered the neutral zone with a current score of 49/100.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, commented, “The crypto market has seen positive price action in the last 24 hours, with the global crypto market capitalization adding around $50 billion according to CoinGecko.”