Bitcoin was dubbed over $110,000 late Monday afternoon. It was the first time investors have passed that threshold in nearly two weeks if they successfully completed current talks between the US and China, which could ease trade tensions. And the settlements in short positions are piled up amid the rapid increase.
The largest cryptocurrency by market capitalization has recently traded at around $110,100, an increase of 3.5% in the past 24 hours. BTC has risen nearly 5% over the past seven days after falling below $101,000 on June 5th.
Under that mark, Bitcoin is not far from its ever-highest price of $111,814 in May.
The major altcoins, along with Ethereum, the second-largest coin by market capitalization, rose 4.5%, above $2,640, while its main rival Solana was in positive territory with Ethereum, above 3% and above $160.
Coin, a particularly intense hit in recent weeks, has also shifted his hands upwards as Dogecoin and its spinoff Seabainu jumped to 4.5% and 2.5% respectively.
Spike came when the US and China updated their debate about tough trade tariffs with uncertain markets. The tech-centric Nasdaq and S&P 500 both ticked some fractions of percentage points on Monday.
For each Coinglas data, a short position worth $323 million was settled on the last day.
Crypto investors have retreated amid trade issues and other macroeconomic uncertainties, with spot Bitcoin exchange sales funds cutting their assets in five of the past seven days. However, Ethereum ETFs have 15-day green stripes packed together with positive influx.
Edited by Andrew Hayward
