Published on January 29, 2024 17:40 GMT+00:00edited on January 29, 2024 17:44 GMT+00:00

The price of bitcoin increased back above the $43,000 mark on Monday for the first time in two weeks as the market pondered the possibility of another rate pause at this week's Federal Open Market Committee meeting.

There were also signs that outflows from Grayscale Investments' spot bitcoin ETF could be slowing.

"Only about an hour into trading but IBIT is ahead of GBTC in volume so far," Bloomberg Intelligence ETF analyst James Seyffart wrote on X. "Today *could* be the first day where one of the newborn nine trades MORE than GBTC. Currently $155 million to $113 million."

Tuesday's price action caused the liquidation of over $60 million of cryptocurrency short positions, according to Coinglass data. In the past 24 hours, liquidated bitcoin leveraged positions spiked to over $40 …