Bitcoin Rallies Past $38K Mark, Pushing Crypto Markets Upward

By: Eliza Bennet

In the recent European trading session, the value of Bitcoin saw a significant increase, breaking past the $38,000 mark to set a new annual peak at $38,100. The upward price trend was particularly noticeable in November, with traders in Europe displaying an increasingly bullish stance that potentially contributed to these increases.

A correlation been seen in the market's behavior, particularly as Bitcoin's surge led to substantial liquidations in the crypto markets, mainly short liquidations amounting to $18 million. A significant participant in these liquidations was major player Binance, with an estimated total of $10 million.

The cryptocurrency has gathered momentum during the Asian trading session — with apparent roots in derivatives markets and a potential single entity pushing up to the $38,000 mark.

Looking ahead, the focus shifts to the U.S market, where pre-market trading activities are indicating a potential uptick. Crypto market equities such as Coinbase have witnessed a 1.3% increase, while Iris Energy has seen a 2.85% rise, signalling a potential positive momentum in this sector.