Bitcoin attracted attention with its rise in the last two days. The price recently dropped to a low of $64,758 before making a sharp comeback and rising above $68,000. This move led to the liquidation of the positions of investors, especially those who opened short positions, and caused an increase of more than 4 percent in the total cryptocurrency market value.
Liquidity and Leverage Effect Revitalized the Market
The sudden increase in prices was fueled not only by the momentary volatility of the market but also by the large amount of forced buying transactions. As Bitcoin approached $64,000, many investors turned to short selling, but as a result of rapid purchases, the price tested $68,000 in a short time. During this rise, positions over $370 million were liquidated and the price moved above the $66,923 average. Now the $66,500 level stands out as a critical support in the short term; If this level is maintained, the range of $ 69,000–72,900 can be targeted. However, if it falls below this, the $60,000–62,000 range may come to the fore again.
Circle’s Revenue Growth and NEAR Protocol’s Strong Performance
Another development as important as the volatility in prices is the increase in liquidity in the market. According to data released by Circle, one of the US-based digital finance companies, the company’s revenue increased by 77 percent in the first period of the year, reaching 770 million dollars. The increase of the stablecoin called USDC, launched by Circle, means new cash inflow into the crypto ecosystem. This type of stablecoin growth in the cryptocurrency market often supports more persistent upward trends.
On the other hand, NEAR Protocol has become one of the prominent projects in recent days. NEAR team has implemented its new update called “Confidential Intents”. This development focuses on solving privacy issues in the field of decentralized finance (DeFi). Users will now be able to carry out cross-chain transactions without having to share transaction details with third parties before completion. NEAR token recorded an increase of approximately 17 percent with these developments.
Circle management stated, “Circle continues to grow; the increase in revenue is a natural result of the expansion in USDC supply.”
The chain abstraction approach that NEAR targets makes it possible to completely hide the complexity on the blockchain from the user. In this way, infrastructure usage becomes more attractive for both technical users and institutional investors. It is expected that more capital in the sector will direct towards such smart solutions.
With the recent rise in Bitcoin and increased liquidity in the market, investor interest has renewed. In the crypto ecosystem, the outlook especially related to infrastructure projects and stablecoin movements attracts attention. Whether Bitcoin can hold on to critical levels will be decisive in terms of market direction in the coming days.
