Strong market recovery: Bitcoin crosses the $24,000 mark

At the beginning of the week of August 8, 2022, the cryptocurrency market had an amazing recovery thanks to the momentum from Ethereum.

Strong market recovery: Bitcoin crosses the $24,000 mark

After a series of gloomy days and sideways around the $23,000 mark, on the evening of August 8, 2022 Bitcoin made an amazing leap. BTC price increased 5% in the past 24 hours, crossed the $24,000 mark, and at one point touched $24,200.

However, the most impressive is the Ethereum coin. ETH price is up 6% in the past 24 hours, quickly surpassing the $1,800 mark. Compared to 7 days ago, the market-leading altcoin is up more than 7%.

The driving force behind this rally comes from the fact that The Merge is coming very close. Although there are many controversies surrounding Ethereum PoS or PoW, one thing is for sure, all the attention is on the Ethereum Consolidation event.

Moreover, leaving open whether or not PoW fork chains will come out of Ethereum after The Merge makes a part of speculators even more excited. Many people started accumulating ETH in the hope of receiving airdrops from these hard forks, leading to an increase in the price of ETH.

According to data from  Coinglass, in the last 24 hours, up to 161 million USD of crypto derivatives orders were liquidated, with the rate of short orders burning up to 86%. Notably, the coin that recorded the highest liquidation was ETH with $77 million, almost 2 times higher than BTC.