Bitcoin Leads Crypto Rally, Climbing Above $30,000, With Possible Boost From Short Squeeze by ninabambysheva
has topped $30,000 for the first time time since June, reaching its highest level in 10 months, as open interest on the CME exchange increased after a holiday weekend.
The recent move seems to be caused by CME derivatives traders’ bitcoin exposure following an Easter hiatus, according to crypto analytics provider K33 Research. “Increased activity on CME before and during yesterday’s initial spike towards $29,000 suggests that CME traders were behind the initial push higher.” Binance traders “unwillingly” followed above $30,000 in a possible short squeeze, the firm’s analysts wrote in a Tuesday research report.
Ether, the No. 2 cryptocurrency, advanced 1% to $1,906. Investors are bracing for potential selling pressure as theto the Ethereum blockchain, scheduled to go live Wednesday, will enable some participants to withdraw funds that have been frozen for months as part of the network’s migration to proof-of-stake rather than proof-of-work validation technology.
Crypto market capitalization rose 2.7% on a 24-hour basis to $1.26 trillion. Among the leaders is Solana’s sol, up 14%. The swift rise may point to the excitement around the release of Saga, an Android smartphone with special Solana blockchain integrations, planned for April 13.
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