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Bitcoin prices neared $37,000 in Asian trading hours, creating a "short squeeze" that drove prices higher. Just under $50 million of bitcoin shorts (bets against the price rising) were liquidated in a four-hour period, extending the BTC rally. Short squeezes occur when the price of an asset jumps higher than expected and short sellers are forced to cover their positions, driving the price higher still. Exchanges with a large Asian presence such as BitMEX, OKX and Binance accounted for large chunks of the exited positions. Bitcoin's bullish momentum followed reports late Wednesday that the U.S. SEC is beginning talks with fund manager Grayscale, with whom it has been engaged in a legal fight over the conversion of the Grayscale Bitcoin Trust into a spot ETF.
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