Bitcoin has extended its rally over $46,000 on Feb. 9, a day after a U.S. Securities and Exchange Commission (SEC) filing revealed that Tesla bought $1.5 billion worth of BTC. The price of Bitcoin immediately soared from around $39,000 to $45,000 across major exchanges on Feb. 8 after the news began to spread.
According to the data from Bybt.com, $1.34 billion worth of futures positions in the futures market were liquidated in the past 24 hours.
This indicates two trends; first, the derivatives market was extremely overcrowded with short-sellers. When the Tesla news broke, it caused a massive short squeeze, liquidating hundreds of millions of dollars worth of positions in several hours.
Cryptocurrency markets have hit a significant milestone shortly after Elon Musk’s Tesla officially announced their investment in Bitcoin.
For the first time in history, the crypto market has surpassed Alphabet’s GOOG and GOOGL in terms of market capitalization.
On Feb. 10, the total crypto market cap hit $1.413 trillion, overtaking the market cap levels of Google class-A and class-C shares. At the time of writing, the market capitalizations of GOOGL and GOOG amount to $1.39 trillion and $1.404 trillion, respectively.
The United Nations has accused the North Korean state of stealing $281 million worth of crypto from an exchange during September 2020.
According to Reuters, the findings from a “confidential report” authored by independent sanctions monitors for U.N. Security Council members “strongly suggests” links between the hack’s perpetrators and the North Korean regime. Reuters quoted the report:
“Preliminary analysis, based on the attack vectors and subsequent efforts to launder the illicit proceeds, strongly suggests links to the DPRK.”
Reuters noted the U.N. report accuses North Korea of using the stolen funds to support its nuclear and ballistic missile programs in violation of international sanctions.
Growing institutional interest in Bitcoin (BTC) helped elevate the top cryptocurrency to a new record high on Feb. 9 and led to a total market cap value higher than the market cap of the Russian ruble.
Data from Cointelegraph Markets and TradingView shows Bitcoin established a new all-time high of $48,220 in the early hours on Tuesday and has since pulled back to $47,092, marking a 9.24% increase over the past 24-hours.
According to Decentrader founder, filbfilb, today’s market action showed strong activity from the bulls who aggressively “absorbed sellers” positions, resulting in the “failed breakdown of a low timeframe head and shoulders pattern".
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