Bitcoin has seen a resurgence in recent weeks, which is largely attributed to regulatory developments and market dynamics. The SEC’s potential approval of a Bitcoin ETF, combined with anticipated Federal Reserve rate cuts, have been identified as the breakout factors. Additionally, authorities have been cracking down on dubious practices in the crypto world which has further increased investors’ confidence. This renewed confidence has caused a rally in Bitcoin’s price with the cryptocurrency recently achieving a 2023 peak of $41,522 on the Bitstamp exchange. As a result, numerous markets have experienced high rates of liquidations, predominantly in short positions.



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