Bitcoin (BTC) price traded at around $71,273 in early Asian trading on Tuesday, up about 6.8% over the past 24 hours, as the cryptocurrency's bullish recovery continues after a two-month correction period. As of this writing, his average daily trading volume for Bitcoin has more than doubled in the past 24 hours to approximately $50 billion.
Bitcoin's sudden price spike led to a massive liquidation of short traders, with profits from crypto derivatives trading exceeding $345 million. As a result, it is safe to assume that Bitcoin bulls are in control and a new all-time high is just around the corner.
The main reasons why Bitcoin prices skyrocketed today
COPA vs. CSW – Judgment Announcement
On Monday, May 20th, the High Court of England and Wales Business and Property Court announced a detailed judgment in the case brought by the Crypto Open Patent Alliance (COPA) against Dr. Craig Wright. According to court documents, Wright significantly fabricated the case in an attempt to influence the court's decision as to whether he was Satoshi Nakamoto.
With this ruling, Bitcoin software remains public property through open source technology.
Growing demand from whalers
According to on-chain data, several crypto whale traders have recently been buying up large amounts of Bitcoin. Market intelligence platform Santiment noted that short-term Bitcoin holders are selling to long-term investors.
Meanwhile, US and Hong Kong Bitcoin ETFs have seen notable cash inflows over the past week.
Understand the Ethereum ETF craze
Bitcoin prices have reacted to the news that the US SEC has changed its stance on Ethereum and its Spot Ether ETF application. Combined with other factors such as the recent Bitcoin halving, the flagship coin is well positioned to rise further.
