Bitcoin Breaches $21,000 as Crypto Market Brushes Away FTX Fueled Negative Sentiment

Bitcoin surpassed $21,000. As per Coingecko statistics, the value of Bitcoin at 12:59 a.m. UTC on January 14 was $21,083. It had a market value of $403 billion. In 24 hours, this change indicates a 12 percent rise. In the previous 24 hours, $245 million in short positions were liquidated, while today $255 million in Bitcoin was purchased on spot markets.

There are no significant events that may have influenced investment behavior in a good way. Instead, shifting investor mood may be the result of the absence of negative news and the notion that huge catastrophes such as FTX’s demise are receding into the past.

Moreover, today’s Bitcoin advances indicate continued to rise over the preceding several sessions. Bitcoin’s price appears to have risen this week due to an optimistic attitude and expectation around the Consumer Price Index (CPI) report.

The mental block represented by the round figure $20,000 has been surpassed, therefore investors may now be hopeful. Bitcoin normally leads the cryptocurrency market, and its performance yesterday contributed to the cumulative rise of the cryptocurrency sector. The market capitalization of all cryptocurrencies increased by 8% during the last 24 hours, reaching $1.02 trillion.

Bitcoin and the whole cryptocurrency market today beat the stock market. Yesterday, the Dow Jones rose 0.3%, while the S&P 500 rose 0.4%. Nonetheless, certain cryptocurrencies have had minor growth relative to Bitcoin. Ethereum increased by 9.8%, whereas XRP, BNB, and Polygon each rose by around 6%. It needs to be determined whether the crypto market’s rising trend will persist