Bitcoin rises to $ 28,000 ── the biggest short squeeze of the month | CoinDesk JAPAN | Coin Desk Japan

Bitcoin (BTC) rose above $28,000 on June 20 afternoon, triggering the biggest short squeeze of the month.

After trading near $26,800 for most of the 20th, Bitcoin surged to $28,150 within hours (data from CoinDesk Indices). After that, it fell slightly to around $ 27,900, but rose 5.2% in 24 hours, maintaining performance that outperforms most other crypto assets (as of 9:00 on the 21st Japan time, 2 more than $8,000).

According to CoinGlass data, traders who took positions on the assumption that prices would fall lost about $36.6 million in liquidations over a 24-hour period. This is the largest short liquidation since May 28.

This time around, many major financial institutions announced large-scale initiatives for crypto assets. Rising regulatory pressure in the U.S., including SEC lawsuits against Binance and Coinbase, has turned around the mood that has grown tough in recent weeks.

Deutsche Bank has announced that it has applied for a custody license for digital assets in the country. Cryptocurrency exchange EDX Markets, which was funded by financial giants including Charles Schwab, Citadel Securities and Fidelity Digital Assets, announced today that Bit Started offering coin and Ethereum (ETH) trading.

Last week, asset management giant BlackRock surprised the market by applying for a Bitcoin spot ETF (exchange-traded fund).

“Bitcoin’s rise certainly correlates with the news of all these big traditional financial institutions looking to seriously invest in the digital asset ecosystem.” We clearly have a client base that wants to invest in bitcoin and other crypto assets through a more flexible investment vehicle,” said Brent Shu, CEO and co-founder of DeFi (decentralized finance) bond market platform Umee. Brent Xu said.

“Such news also eases some of the relatively dark regulatory environment in which the United States finds itself, and also suggests that these large financial institutions want a clearer and fairer regulatory environment than they currently have. It seems,” he added.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: Bitcoin’s Rally to $28K Causes the Largest Short Squeeze This Month