Bitcoin Surpassed $42,000, Crypto Market Cap Exceeded 1.55 T

The price of the leading crypto, Bitcoin, t has breached the $42,000 mark for the first time since May 2022, establishing a new yearly high. It tested the levels and got back to the $41,500 at the time of writing.

The latest surge in $BTC price comes after Federal Reserve Chairman Jerome Powell spoke on Thursday, as hopes grow that a rate cut could come sooner than expected and that the SEC is likely to approve Bitcoin Spot ETFs next year, presumably in January already.

According to Coinglass analytics, this upward trend resulted in severe market liquidation. Data shows that liquidations totaled nearly $85 million during this price move, with about $75 million of that coming from the bearish short positions. Later, after $BTC reached $42,000 a massive sell-off pushed it back to $41,000 with other cryptocurrencies following suite, which also resulted in long-position liquidations. However, the indicators show that the upward trend stays for a longer period.

The market is witnessing its strongest performance since spring of 2022, highlighted by top-tier cryptocurrencies breaking through yearly-high marks. This growth brings the total market capitalization to $1.55 trillion, a new high for 2023. Such developments are expected to significantly increase the value of Bitcoin and bring back more attention to the crypto industry.