Bitcoin has surpassed $41,000 for the first time since April 2022. What’s behind the price surge?

Bitcoin Surges Past $41,000

By Electronics Tek

Bitcoin and the traditional stock market have been tightly correlated for quite some time. The majority of the tech giants and other big names in the legacy markets are done filing their financial reports

Reporting Season is Through

The recent figures revealed that the US added almost half a million new jobs in January alone, despite the spread of the Omicron variant that tends to lead businesses short-staffed

US Jobs Reports Exceeding Expectations

Data from CoinGlass reveals that over the past 24 hours, the market saw a whopping $220 million worth of liquidated short positions across major exchanges

$220 Million in Short Liquidations

BTC has recently been closely correlated with the Nasdaq Composite Index and the stock market Dow Jones. Therefore, a 2% Nasdaq rally should help BTC surge above $41,400

Nasdaq Index up more than 2%

The bullish driver for Bitcoin and ETH is the cash market, not the derivatives market

Spot Market Support

Famed bitcoin skeptic and SchiffGold co-founder Peter Schiff commented on bitcoin’s price surge above $41,000 and mocked the crypto king’s supporters

Peter Schiff Debate

Just last month, the U.S. government slapped Binance, the world’s largest crypto exchange, with a $4 billion fine

Binance Fine

Despite the recent excitement around bitcoin, experts still maintain that crypto is a risky bet with wildly unpredictable fluctuations in value

The Risks Remain

As of around 1:30 p.m. Eastern time Monday, the price of bitcoin stood at $41,830

Current Status

Other Story

12 Days of Christma