The past 24 hours have seen cryptocurrency trading markets booming, with both Bitcoin and Ethereum experiencing gains of up to 4%. The rise in Bitcoin in particular to a peak of $41,000 appears to be buoyed by the news that $220 million in long and short positions have been liquidated since the weekend. A large-scale Bitmex trade saw open interest on the exchange increase 90% within hours. Such liquidations can give traders an indication of the local top or bottom of a price move, and short-term signals of reductions in price volatility. The overall sentiment is also buoyed by a possible approval of an ETF and a peak in gold prices, making this a positive time to be trading cryptocurrency.



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