Institutional buying and short liquidations drive crypto market to $2.53 trillion
The total crypto market capitalization increased by 4.95% to $2.53 trillion as institutional buying and corporate treasuries increased their holdings of Bitcoin and Ethereum. Bitcoin price rose above $74,000, its highest point in almost a month, while Ethereum traded above $2,300. The rally was driven by BlackRock's IBIT spot Bitcoin ETF, which added $612.1 million worth of BTC last week, and MicroStrategy (STRC), which raised $1.15 billion in one day to buy Bitcoin. BitMine also accumulated 169 million Ethereum, now holding over 4% of the supply. This price growth triggered extensive short liquidations in the derivatives markets. CoinGlass reports that 177,000 traders were liquidated in 24 hours, with total forced liquidations reaching approximately $530 million.
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