Bitcoin Hits Record High of $57,000, Liquidates Shorts and Sparks Crypto Rally

The price of Bitcoin surged past $56,000, resulting in over $157 million in liquidated shorts, as the cryptocurrency logged an intra-day increase of about 10%. This surge comes amid heightened institutional interest, with MicroStrategy increasing its Bitcoin holdings to 193,000 BTC, resulting in a $620 million single-day increase in the value of its stash. Ethereum also saw a positive day, reaching a peak of $3,273, marking its highest value since April 2022.