Bitcoin rebounds, adds $4,000 within hours

While many may have assumed that Bitcoin was done for following China’s latest anti-crypto drive. The flagship cryptocurrency appears to still have some fight left.

Bitcoin bulls have refused to relinquish their position as Bitcoin added $4,000 in a few hours, eventually reaching a 24-hour high of $47,800. However, the status of the digital asset can be best described as highly volatile, seeing that it was trading at the $42k region only yesterday.

According to Bybt, $241 million in Bitcoin shorts has been liquidated due to the positive price action. The number of long liquidations has also been on the rise, with $116 million liquidated today.

For clarity, those who bet that the price of Bitcoin will go down are referred to as short traders, while long traders bet that the price of Bitcoin will move up.

Bitcoin’s latest rally comes just a day after El Salvador officially started mining Bitcoin in an experimental capacity.

We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode 🌋

— Nayib Bukele 🇸🇻 (@nayibbukele) October 1, 2021

So far, the country has mined 0.0059 BTC worth $260, using geothermal energy from volcanoes.