The price of Bitcoin, the leading cryptocurrency, surged sharply higher on Monday, reaching an intraday peak of $69,401.
According to data provided by CoinGecko, roughly $80 million worth of shorts has been liquidated in mere minutes.
The Bybit exchange accounts for the biggest share of the liquidations (roughly 20%).
The cryptocurrency is now approaching the upper boundary of the current range.
Bitcoin’s previous several attempts to reclaim the $70,000 level ended up failing.
Is the bottom finally in?
Fundstrat’s Tom Lee recently went live on CNBC, predicting that crypto is currently in the final stages of setting a bottom. He expects the sector to rally in April.
MSTR rally
The shares of Strategy (MSTR) also have experienced a substantial rally, surging by more than $139.
As reported by U.Today, Strategy recently purchased an additional $204 million worth of Bitcoin (BTC).