:max_bytes(150000):strip_icc()/GettyImages-1246994479-8e2eb37381cb410da63058af2a78d748.jpg "Bitcoin price surpassed $41,000 to reach a 19-month high")
Main points
- The price of Bitcoin rose above $41,000 on Monday, down from $38,000 at the end of the week.
- The current level is the highest cryptocurrency price since April 2022 before the collapse of TerraUSD cryptostablecoin.
- More than $120 million worth of Bitcoin short positions have been liquidated in recent days.
- Gold, which some compare to bitcoin, hit a record high on Sunday.
- Shares of cryptocurrency-based companies Coinbase and Microstrategy rose sharply on Monday.
Bitcoin prices surpassed $41,000 on Monday, reaching levels not seen before the collapse of the cryptstablecoin TerraUSD in May 2022.
Bitcoin continues to show strength as the crypto market awaits the United States Securities and Exchange Commission (SEC) approval of a Bitcoin-backed exchange-traded fund (ETF) and the upcoming Bitcoin halving event.
More than $109 million worth of short positions in Bitcoin have been liquidated in the past 24 hours, according to crypto derivatives data analytics platform Coingles.
Meanwhile, gold has surpassed $2,115 in recent days. Bitcoin enthusiasts sometimes call it "digital gold" and argue that bitcoin serves as a long-term store of value. A positive correlation between the two assets is seen as an indicator of further growth and adoption for Bitcoin to achieve its goal.
On X (formerly Twitter), Salvadoran President Naib Bookele has announced that the country's Bitcoin farms are now in the black due to the dollar. Buckele began buying on behalf of El Salvador in 2021, at the peak of the previous bull market cycle.
"We certainly have no intention of selling; that's never been our intention," Buckel told X Post on Monday.
Shares of crypto exchange Coinbase ( COIN ) rose more than 5% on Monday, while Microstrategy ( MSTR ) — the tech company reported holding nearly 175,000 shares on Nov. 29 — gained 7% after entering Friday.