Crypto
Bitcoin rallies above $51,000 as a significant amount of short positions get liquidated
Over $130 million in cryptocurrency short positions were liquidated in the past 24 hours on centralized cryptocurrency exchanges, according to Coinglass data.
The bitcoin market experienced increased volatility over the past day, with the price spiking above the $51,000 mark. This price action caused the wipeout of over $93 million in bitcoin positions — with almost $70 million being shorts.
Bitcoin BTC
+3.67%
‘s value has appreciated by over 21% since the beginning of February, with the foremost cryptocurrency’s dominance now standing at 50%, compared to 16.3% for ether.
On Wednesday, the entire cryptocurrency market capitalization rebounded back above $2 trillion — a high not seen since April 2022. Bitcoin increased by almost 3% in the past 24 hours, trading for $51,521 at 5:40 a.m. ET, according to The Block’s Prices Page.
The price of bitcoin has increased by almost 3% in the past 24 hours. Image: The Block.
Crypto market defies risk-off macro conditions
The cryptocurrency market is buoyant compared to a decline in U.S. equities over the past 24 hours. On Tuesday, the Dow Jones Industrial Average fell 412 points or 1.1%, and the S&P 500 was down 1.1% after the release of a inflation report for January in the United States. The report from the U.S. Labor Department showed that the consumer price index rose 0.3% from December to January — up from a 0.2% increase the previous month.
Inflation has not cooled as much as markets were positioned for, reinforcing the overall expectation that the Federal Reserve will not cut rates in March. Markets have now priced in a 91.5% chance of a rate pause next month — a notable shift from the consensus one month ago that there would be a rate cut in March.
According to the CME FedWatch tool, interest rate traders see a 34% possibility of a rate cut at May’s Federal Open Market Committee meeting but also a significant 63.3% chance of another rate pause.
The CME FedWatch tool shows increased expectation of rate cut at the May FOMC meeting. Image: CME FedWatch.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Hong Kong police are investigating an attack and robbery in which a man lost about HK$6 million (US$767,070) in cryptocurrency and silver.
The force said it received a report at 3.52am on Saturday that a 25-year-old mainland Chinese man was attacked by three men and a woman at a hotel near Man Lok Street in Hung Hom and robbed of cryptocurrency worth HK$5 million from his account.
The suspects later took the victim to another unit in an industrial building, where they seized silver items worth HK$1 million.
No arrests had been made so far and a manhunt was under way to track down the four suspects.
Bitcoin was barreling towards its best week in a month, but on Friday that momentum quickly dissipated. Since Wednesday, the largest cryptocurrency slumped roughly 7% to its current price of about $69,000, according to Binance. The downturn occurred following a lower than unexpected jobs report, spooking investors in the traditional stock market and in digital assets.
“The jobs number impacted all risk-on assets,” said Boris Alergant, head of strategic initiatives at Babylon. “During sell-offs like this, correlations tend to converge and assets move down in unison.”
The pullback for Bitcoin is part of a months-long slide for the crypto industry. Many expected the industry to flourish because of President Donald Trump’s friendly stance toward the sector. Yet, since October, the original cryptocurrency is down roughly 46% from its all-time high of $126,000.
Friday’s job report did not do the crypto industry any favors. Unemployment rose and jobs were cut more than expected. Other macroeconomic factors are weighing heavily on digital assets, namely the escalating conflict in the Middle East, which President Trump recently described as having “no time limits.” The conflict has skyrocketed gas prices, also contributing to concern among investors.
The major stock indexes mirrored Bitcoin, rallying in the middle of the week only to sputter on Friday morning. The S&P 500, for example, dropped about 2% following the release of the most recent job numbers after a brief surge on Wednesday.
Other cryptocurrencies also dropped as the week drew to a close. Ethereum is down roughly 5% since Thursday to its current price of about $1,970, and Solana is down roughly 5% during that time to its current price of about $85, according to Binance.
One analyst says that things could get worse before they get better. “If the week closes roughly as the market looks now, that would not be a very positive signal,” said Alex Tsepaev, chief strategy officer at B2Prime. “In that case, the price could move lower, and by lower I mean a possible retest of the $60,000 range per Bitcoin.”
Like most cryptocurrencies, Bitcoin (CRYPTO: BTC) has been in a slump to start 2026. Over the first two months of the year, it lost 25%, continuing a downturn that began last October.
Although this hasn’t been fun for investors, several firms predict that Bitcoin could bounce back over the rest of the year. Analysts from JPMorgan Chase, in particular, have struck an optimistic tone based on expectations of increased institutional inflows.
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Image source: Getty Images.
The Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January 2024, leading to heavy institutional investment in the top cryptocurrency. Bitcoin ETFs hold $88 billion worth of Bitcoin, about 6% of the total supply, as of March 3, 2026.
ETF approval significantly expanded who can invest in the leading cryptocurrency. It used to be mainly the territory of retail investors, but because ETFs are regulated investment products, they allow hedge funds, pension funds, and other institutional investors to buy Bitcoin.
Bitcoin ETFs haven’t been immune to the recent sell-off. But they logged $787 million in inflows last week, snapping a streak of five straight weeks of outflows. This reversal is a sign that institutional investors are beginning to buy the dip on Bitcoin, which could be the first stages of a sustained recovery.
In a volatile crypto market, Bitcoin is the most resilient option and often the first to bounce back from downturns. ETF approval has given it a level of institutional support that no other cryptocurrency has.
While the SEC has approved spot ETFs for other cryptocurrencies, they aren’t nearly as large as those for Bitcoin. Ethereum ETFs rank second, with $13 billion in assets under management (AUM). I expect spot ETFs to help Bitcoin maintain a higher floor than in the past and rebound from its recent losses over the rest of 2026.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Lyle Daly has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and JPMorgan Chase. The Motley Fool has a disclosure policy.
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