Crypto short sellers face $1.9 bn loss as Bitcoin surges
Despite rally, total short interest has risen by $4.50 billion to $10.71 billion.
Despite rally, total short interest has risen by $4.50 billion to $10.71 billion.
Bitcoin price touched a new high of $73,157.55 today, surging 46% in the last one month from $50,000 level.
ETFs flows have crossed $42 billion since the SEC approval early this year.
Investors are hopeful that Bitcoin will soon go past its previous all-time high of $68,990 recorded in November 2021
Bitcoin prices have risen 27% year-to-date, driven by spurt in activities in the spot bitcoin exchange traded funds (ETFs), which started in the U.S. in Jan 2024.
The last time Bitcoin achieved this level was in December 2021, which was subsequently followed by a dramatic downturn that saw the crypto plummet to a low of $16000 by the end of 2022.
The introduction of 1% TDS in 2022 has led to an estimated loss of $420 million in potential government revenue due to migration of Indian crypto traders to overseas platforms.
U.S. SEC approved applications from BlackRock, Fidelity, and Invesco among others.
Digital currencies continue to feed off speculative trends far from anything material.
A cocktail of buoyant GDP growth, benign inflation and business-more-than-usual have created a feel-good factor in 2023 — now brace for volatility in the New Year.