Bitcoin's Big Jump: Short Sellers Lose Big!

Bitcoin's value shot up recently, causing a lot of trouble for those who bet against it. These short sellers lost a huge amount of money, nearly $700 million in just one day. Bitcoin reached $96, 867, its highest point since mid-November. It's up by about 5% in the last day and week, but still down from its peak in early October. Other big cryptocurrencies also saw gains. Ethereum went up by almost 7%, XRP by nearly 5%, and Solana by about 4%. Short sellers had a tough time, with Bitcoin leading the losses at $382 million, followed by Ethereum at $231 million, and Solana at $33 million.The rise in crypto prices comes as the U. S. works on a new bill called the Clarity Act. This bill aims to structure the crypto market better. Additionally, the recent inflation report showed that inflation in the U. S. is steadying. This good news boosted Bitcoin ETFs, which saw their best day of investments since October, with $754 million flowing in. Even gold and silver prices have been rising this week.