Bitcoin (Bitcoin) rose for eight straight days, surpassing $18,000 for the first time since mid-December.
Cryptocurrencies have not recorded such a long winning streak since July 2021, at the height of the COVID-19 pandemic.
Over the past 7 days, BTC’s price has risen by nearly 8%, and at the time of writing it has surged 4.1% in the last 24 hours.
cointelegraph analysts predicted Bitcoin could rise to $18,000 early on Jan. 11 as Bitcoin price gains put pressure on $275 million worth of weekly options expiring Jan. 13. Yes, and bets were made under $16,500.
Rex Moskovsky, CEO of hedge fund Moskovsky Capital, posted an image on Jan. 11 showing an $86 million worth of Bitcoin short is “sucking like a royal.” tweeted.
Shorts are smoked on the royal road.
$86 million in the last 4 hours. pic.twitter.com/hNPwn4C53M
— Rex Moskowski (@mskvsk) January 11, 2023
BTC’s price will drop by nearly 65% in 2022. The wider cryptocurrency market also faced headwinds from numerous bankruptcies and collapses in the same year. Crypto Exchange FTXIt was the second largest exchange at the time of bankruptcy.
— Andrew (@AP_Abacus) January 12, 2023
On January 11th, FTX said it Collected $5 billion in cash and cryptocurrencies that may be sold to repay creditors