Bitcoin hit a two-year high above $50,000 on Monday. 🚀 This is the highest price recorded since December 2021. There were liquidations of $191 million in the cryptocurrency market in the last 24 hours. According to Coinglass, over $36 million in crypto short positions were liquidated in the last hour.

More than 57,000 investors liquidated throughout the day. The largest liquidation was the ETH-USD swap, which took place on OKX and was worth $ 3.89 million. 💸 While Bitcoin increased by 17 percent in the last seven days, Ether (ETH) increased by 13.5 percent.

There has been a rapid reversal for both assets following the "sell the news" market crash following the approval of several Bitcoin spot ETFs in the US last month. During that period, the asset rose to $49,000 and fell below $40,000 in late January. However, slowing Grayscale Bitcoin Trust (GBTC) outflows and sustained and increasing inflows into spot ETFs have put Day 1 ETF buyers back in the green.

Bitcoin price rose as high as $50,256 and dropped to $49,936 at the time of writing. Its market cap is currently $980 billion and expects to reach $1 trillion at a price of around $51,000 per unit.