As Bitcoin (BTC) price jumps to 18-month high, Fear and Greed index rushes into Greed zone
Bitcoin , the largest cryptocurrency by market capitalization, jumped by 12.2% in the last 24 hours on speculationof spot ETF approval. This unexpected upsurge resulted in merciless capitulations for bears who survived one of the most painful sessions in the last year.In the last 24 hours, almost $399 million in crypto derivatives positions were liquidated; 75% of this massive sum were shorts.
Liquidations happen when the exchange forcefully closes the leveraged position of a trader who fails to meet margin requirements or does not have enough money to keep their positions opened.Largely, the analysts are attributing these liquidations to the euphoria around Bitcoin spot ETFs that are waiting for U.S. SEC approval. Last night, the court issued a mandate for the Grayscale/SEC process and ended the legal battle.
BTC's rally to $35,000 caused enormous euphoria in the crypto community. Alternative's Fear and Greed Index entered the"Greed" zone and jumped to 66/100. This is the most"overheated" level of this indicator since April 17, 2023, data says. In the last seven days, the index added over 25%.AI Crypto Openfabric AI Debuts on KuCoin Crypto Exchange: DetailsRipple Triumphs as Judge Torres Dismisses Case Against Garlinghouse and Larsen
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