Bitcoin Hits Two-Month High as CPI Steadies and Short Covering Accelerates

Bitcoin extended gains on Tuesday, climbing to a two-month high as U.S. corporate earnings got underway and investors absorbed fresh inflation data. The world’s largest cryptocurrency was up about 4.5% on the day, trading just above $95,500—its strongest level since mid-November, according to CoinGecko. The advance triggered an estimated $587 million in liquidations of crypto short positions, including about $292 million tied to Bitcoin, according to CoinGlass. "Over the past week and a half, we’ve witne ...