Bitcoin Surges 18% to Above $24K

The reasons for the upturn are still unclear, particularly as cryptos often decline during periods of unrest in financial markets. But the surge has come amid the sort of short squeeze that historically sends prices higher. Data from Coinglass shows that traders liquidated $300 million worth of crypto positions on Monday. A full $140 million worth of these liquidations were bitcoin liquidations, with $160 million in short positions.

The bitcoin rally comes as some investors are recognizing the fragility in the central banking system, according to Sean Farrell, head of digital-asset strategy at FundStrat. Crypto is responding to the anticipated change in liquidity conditions as it should.