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Bitcoin’s Rally to $28K Causes the Largest Short Squeeze This Month
In a significant short squeeze of the month, Bitcoin (BTC) experienced a surge, surpassing $28,000 on Tuesday afternoon.
The leading cryptocurrency, with the highest market capitalization, remained relatively stable around $26,800 for most of the day before witnessing a rapid ascent to a peak of $28,150, as reported by CoinDesk Indices data.
While it has retraced some of its gains and currently hovers around $27,900, it still exhibits a 5.2% increase over the past 24 hours, outperforming many other digital assets, Coin Desk reported.
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