Bitcoin’s price rose above $41,000 Monday from less than $38,000 over the weekend.
The current level is the cryptocurrency’s highest price since April 2022, before the collapse of crypto stablecoin TerraUSD.
In the past few days, more than $120 million in short positions on Bitcoin have been liquidated.
Gold, a store of value some compare to Bitcoin, reached an all-time high Sunday.
Crypto-focused stocks Coinbase and Microstrategy rose sharply Monday.
Bitcoin’s price rose above $41,000 on Monday, reaching levels not seen since before the collapse of the crypto stablecoin TerraUSD in May 2022.
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Bitcoin has continued to show strength as the crypto market anticipates the approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) and looks toward the upcoming Bitcoin halving event.
According to crypto derivative data analysis platform Coinglass, more than $109 million in Bitcoin short positions have been liquidated in the past 24 hours.
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Meanwhile, gold also has reached an all-time high, above $2,115, in recent days.
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Bitcoin’s fans sometimes refer to it as “digital gold” and argue it acts as a similar store of value over the long term. A positive correlation between the two assets is often seen as an indication of Bitcoin’s further adoption and development toward that goal.
On X (formerly Twitter), El Salvador President Nayib Bukele announced Monday that the country’s Bitcoin holdings are now in the black in dollar terms.
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Bukele began purchases on behalf of El Salvador near the peak of the previous bull market cycle in 2021.
“Of course, we have no intention of selling; that has never been our objective,” Bukele said in the X posting Monday. “We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”
Shares of crypto exchange Coinbase (COIN) rose more than 5% Monday, and Microstrategy (MSTR)—a technology company that, as of Nov. 29, allegedly held nearly 175,000—gained by 7% since Friday’s close.
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