- The price of Bitcoin rose to over $41,000 on Monday from less than $38,000 over the weekend.
- The current level is the highest price since April 2022 before the collapse of the cryptocurrency stablecoin TerraUSD.
- Over $120 million in Bitcoin short positions have been liquidated over the past few days.
- Gold, a store of value comparable to Bitcoin, hit an all-time high on Sunday.
- Cryptocurrency-focused stocks Coinbase and Microstrategy rallied sharply on Monday.
Bitcoin price rose above $41,000 on Monday, reaching its highest level since the collapse of crypto stablecoin TerraUSD in May 2022.
Bitcoin continues to show strength as the cryptocurrency market anticipates the U.S. Securities and Exchange Commission’s (SEC) approval of a spot Bitcoin exchange-traded fund (ETF) and looks ahead to the upcoming Bitcoin halving event.
According to data from Coinglass, a cryptocurrency derivatives data analysis platform, more than $109 million in Bitcoin short positions were liquidated in the past 24 hours.
Meanwhile, gold prices have also hit record highs in recent days, surpassing $2,115. Fans of Bitcoin sometimes refer to it as “digital gold” and believe it can act as a similar store of value in the long term. A positive correlation between the two assets is often seen as a sign of further adoption and development of Bitcoin towards this goal.
El Salvador’s President Nayib Bukele announced on X (formerly Twitter) that the country’s Bitcoin holdings are now profitable in U.S. dollar terms. Bukele began buying on behalf of El Salvador near the peak of the last bull cycle in 2021.
“Of course, we have no intention of selling; that was never our goal,” Bukele said in an X post on Monday. “We are fully aware that prices will continue to fluctuate in the future and this will not affect our long-term strategy.”
Shares of cryptocurrency exchange Coinbase (COIN) rose more than 5% on Monday, while Microstrategy (MSTR) – a technology company that reportedly held nearly 175,000 shares as of November 29 – is up 7% since Friday’s close. .