On Monday, the price of bitcoin surged past $41,000, hitting levels not seen since before the demise of the cryptocurrency stablecoin TerraUSD in May 2022.
As the cryptocurrency market looks ahead to the impending Bitcoin halving event and expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF), the price of bitcoin has continued to rise.
The cryptocurrency derivative data research platform Coinglass reports that within the last day, short positions in Bitcoin have been liquidated for a total of over $109 million.
In the meantime, gold has recently surpassed $2,115 to record an all-time high.
Supporters of Bitcoin occasionally call it “digital gold” and contend that, in the long run, it functions similarly as a store of value. Positive correlations between the two assets are frequently interpreted as signs that Bitcoin will continue to gain traction and evolve in that direction.
El Salvador’s President Nayib Bukele declared on X (formerly Twitter) on Monday that the nation’s Bitcoin holdings are now profitable in terms of dollars.
Bukele started making purchases on El Salvador’s behalf in 2021, close to the end of the last bull market cycle.