Precise Investors Editorial Team
The world’s largest cryptocurrency last traded 3.6% higher at $74,708.1
Bitcoin on Monday rose, holding above $74,000 near its highest level in six weeks, boosted by a wave of short liquidations, even as investors remained wary of escalating geopolitical tensions in the Middle East.
The world’s largest cryptocurrency last traded 3.6% higher at $74,708.1 by 21:38 GMT, after jumping to $74,748.4 earlier in the session.
Bitcoin climbed 6% last week, even as global stock markets dropped as soaring oil prices stoked inflation fears.
Crypto markets gained broadly as traders who had bet on further declines rushed to cover their positions.
Data from CoinGlass showed nearly $344 million in total crypto liquidations over the past 24 hours, with short liquidations accounting for around 83% of the total.
Liquidations occur when leveraged traders are forced to close positions after prices move against them, often amplifying market moves.
Despite the rebound, market sentiment remained cautious as the Middle East war entered its third week, raising concerns about global energy supplies and inflation.
Oil prices also remained buoyed above $100 a barrel amid fears of supply disruptions from the Strait of Hormuz, which is currently effectively closed because of Iran.
Bitcoin has been largely resilient to the selling seen in other risk assets during the Middle East war.
Michael Saylor’s Strategy purchased an additional 22,337 Bitcoin between March 9 and March 15 for nearly $1.57 billion, paying an average price of $70,194 per coin, according to a Monday filing with the U.S. Securities and Exchange Commission.
The latest purchase ranks as the company’s fifth-largest Bitcoin acquisition to date. Following the transaction, Strategy’s total holdings have jumped to 761,068 Bitcoin, valued at around $56 billion at current prices.
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