Bitcoin Surges Beyond $65K with Record Bullish Bets

In European morning trading on Monday, Bitcoin (BTC) surpassed the $65,000 threshold, edging closer to its November 2021 all-time high of $69,000, fueled by a surge in bullish bets that reached a record level. The cryptocurrency has experienced a more than 6% increase in the last 24 hours, while the CD20, representing various tokens, saw a 5.6% rise. Bitcoin is now just 5% away from its U.S. dollar record, having already achieved peak prices against major and emerging-market currencies last week, hitting a new high in euro terms today.

Promising signals from the futures market suggest the potential for further gains. Open interest, reflecting unsettled futures bets, has reached an unprecedented $27 billion, indicating an influx of new capital into the market. The market capitalization of Bitcoin has also set a new record at $2.8 trillion, surpassing the previous high of $2.7 trillion established in November 2021, as reported by various sources.

In the last 24 hours, over $60 million in shorts, or bets against higher bitcoin prices, were liquidated. This substantial liquidation of short positions likely contributed to the surge in prices, further reinforcing the bullish momentum in the market. Bitcoin open interest has surged to all-time highs, underlining the increasing activity and interest in the cryptocurrency.