Over $160M in BTC shorts incinerated; Bitcoin Dogs rides bullish wave

February 27, 2024 09:31 PM AEDT | By Invezz

BTC shorts rekt as price jumps to $57k

According to data from Coinglass, 24-hour liquidations have jumped to $278 million. Total liquidations for BTC reached $191 million, about $163 million of that in leveraged bets against Bitcoin.

A screenshot showing 24-hour liquidation data. Source: Coinglass

Short sellers felt the pinch as the price of Bitcoin rose more than 11% to hit levels of $57,200 on major cryptocurrency exchanges. The gains put BTC in line for what could be a breakout rally ahead of the halving.

Catalysts for this latest surge appear to be the institutional demand and spot Bitcoin ETF frenzy. On Monday, market data showed BlackRock’s IBIT recorded over $1.3 billion in ETF volume. The overall spot BTC ETF (those recently approved by the SEC) saw massive volumes of over $2.4 billion.

Halving and spot ETFs are main tailwinds in the current market. However, experts opine that growth in Bitcoin Layer-2 and Ordinals could be another factor to watch out for in coming months.

With potentially a half trillion market awaiting within the Bitcoin ecosystem, some of the projects to watch will include gaming, NFTs and DeFi projects.

Bitcoin Dogs: New BRC-20 project on Bitcoin

A historic ICO launch already put Bitcoin Dogs on the crypto map. Bitcoin’s continuing bull market strength sees this project become one of the top altcoins to buy in 2024.

In the above instances, Bitcoin Dogs takes the mantle as the world’s first-ever ICO on the Bitcoin blockchain. It’s also a BRC-20 project that brings a new era of gaming, NFTs and DeFi onto the Bitcoin ecosystem.

A rallying BTC is thus a catalyst for Bitcoin Dogs and that has shown in presale of the native token $0DOG. With experts predicting huge developments for the BRC-20 and L2 market on Bitcoin, investors are keen to position well ahead.

Bitcoin Dogs’ presale has ridden this outlook to storm to over $4.8 million in less than two weeks. The $0DOG price has increased from $0.015 to $0.0251 and will soon hit $0.0404 given the ICO runs for only 30 days. Total presale stages are 10, with token prices increasing every three days.

By the time the ICO hits the final day on March 15, $0DOG will have jumped by 169%. Likely, these are decent early gains for a project expected to dominate the GameFi and NFT space on Bitcoin.

Learn more about the Bitcoin Dogs project here.

The post Over $160M in BTC shorts incinerated; Bitcoin Dogs rides bullish wave appeared first on Invezz

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