Bitcoin’s price has increased by 2.85% to reach $28,258.82. The current market capitalization of Bitcoin stands at $546,959,644,428.74, reflecting a 70.97% change since the start of the year.
Investors responded positively to the first-quarter earnings of tech giants Google’s parent company Alphabet and Microsoft, as well as the liquidation of several Bitcoin short positions, driving BTC’s value over $28,000. In the past 24 hours, BTC has risen by 2.8%, after trading flat for most of Tuesday.
According to Coinglass, an analytics firm, approximately $11.3 million worth of BTC short positions have been liquidated since 4 p.m. ET. This has resulted in a short squeeze, which has historically led to price surges.