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Bitcoin has surged past the $70,000 mark for the first time in over a month, reaching $70,225 per coin. This 6% jump has led to a surge in crypto liquidations, with short positions taking the brunt of the impact. The rise in Bitcoin's price is attributed to a flood of investment in newly approved spot Bitcoin exchange-traded funds (ETFs) following weeks of outflows. This influx of investment comes after a report from the U.S. Bureau of Labor Statistics showed that inflation in April was not as high as expected. As a result, investors are turning to assets like Bitcoin, anticipating a potential cut in interest rates by the Federal Reserve. The surge in Bitcoin's price has also led to a rise in the prices of other coins and tokens, resulting in the liquidation of positions betting on the digital assets' prices going down. With Bitcoin just 5% below its all-time high, the surge is largely attributed to the new Bitcoin ETFs, which allow investors to buy shares tracking the asset's price. Additionally, the sudden price spike in Ethereum on Monday has sparked speculation that an SEC approval of spot Ethereum ETFs is likely to happen this week.
