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Bitcoin whales significantly contributed to the recent rally above $19K.
Bitcoin price gained over 3 percent on Thursday and briefly traded above $19K for the first time in eight weeks. Having broken above December highs of around $18,353, the mother coin exchanged about $18,836 during the early Asian trading market. The increased upward volatility on the Bitcoin and altcoin market coincided with the United States Consumer Price Index (CPI) data released on January 12. According to data from the Bureau of Labor Statistics December CPI data remained unchanged, which means US inflation stagnated at 6.5 percent.
The Bitcoin and altcoin market responded positively following a weakening United States dollar. As such, over $80 million short traders have been liquidated in the Bitcoin market in the past 24 hours according to aggregate data provided by Coinglass. Notably, approximately 38,245 traders were rekt in the past 24 hours, with total crypto liquidations coming in at $204.77 million. The largest single liquidation order happened on the cryptocurrency exchange OKX involving an ETH-USDT swap valued at approximately $2.31 million.
The crypto spike coincided with revelations that FTX officials are ready to liquidate approximately $5 billion to repay creditors. Solana and SPL tokens were the most involved in SBF fraudulent transactions according to on-chain data.
“We have located over $5 billion in cash, liquid cryptocurrency, and liquid investment securities,” stated Andy Dietderich, an attorney for FTX, during a hearing in Delaware on Wednesday.
Closer Look at Bitcoin Price Action and Crypto Market Outlook
With Bitcoin price up 13 percent YTD, the total scaled above $939 billion for the first time since FTX and Alameda’s implosion. According to our latest crypto price oracles, the total Bitcoin market capitalization stands at around $362,146,594,951 today with a 24-hour trading volume of about $43,964,939,526.
According to market intelligence platform Santiment, Bitcoin whales significantly contributed to the recent rally above $19K. Moreover, the chances that Bitcoin prices already hit the bear market bottom are higher following the recent pump.
📈 #Bitcoin is on the verge of breaking the $19k resistance level for the first time since Nov. 8th. Whales are beginning to take interest and are likely perpetuating this climb, with $1M+ $BTC transactions rebounding to November, 2022 levels. https://t.co/UuH8aFUmh3 pic.twitter.com/2oeIyi3xSV
— Santiment (@santimentfeed) January 12, 2023
In the top 100 crypto assets by market capitalization, Aptos (APT) outperformed with a rise of approximately 20 percent in the past 24 hours to trade at about $6.39. As the stock market prepares to close later today, volatility in the crypto industry is expected to scale up during the weekend as more traders FOMO in.
Meanwhile, the Gemini crypto exchange fraternity was surprised by a lawsuit filed by the SEC regarding its Earn program.
“It’s disappointing that the SEC chose to file an action today as Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive,” Gemini’s co-founder noted.