Summary
Bitcoin and Ethereum reach new highs with Bitcoin hitting $57,000 and Ethereum close to $3,300. $380 million in crypto liquidations occurred within 24 hours, with Bitcoin trades suffering the most. Inflows into spot Bitcoin ETFs reached a two-week peak, with veteran trader Peter Brandt targeting $200,000 for Bitcoin in the current bull market cycle. Brandt warns of a steeper correction if Bitcoin closes below $50,500.
Key Points
1. Bitcoin (BTC) has reached a price of $57,000, the highest since December 2021, while Ethereum is close behind at nearly $3,300.
2. Massive inflows into spot Bitcoin exchange-traded funds (ETFs) on Monday pushed the price to yearly highs.
3. The recent surge in value triggered over $380 million in crypto liquidations within 24 hours, with long trades worth $109 million and short trades losing $271 million.