Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding to the $70 million in short liquidations on Monday, according to data source CoinGlass.
Several factors look to be aiding bitcoin growth. There's optimism around a possible spot exchange-traded fund (ETF) approval in the U.S., traders pricing in expected rate cuts in the U.S. - which buoys risky bets such as technology stocks and bitcoin - and possible sovereign adoption as bitcoin-friendly leaders take the helm in major economies.
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