On Monday, the price of bitcoin surged above $41,000, hitting levels not seen since before the demise of the cryptocurrency stablecoin TerraUSD in May 2022.

As the cryptocurrency market looks ahead to the impending Bitcoin halving event and expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF), the price of bitcoin has continued to rise.

In the last 24 hours, short positions in Bitcoin worth more than $109 million have been liquidated, according to cryptocurrency derivative data analysis platform Coinglass.

In the meantime, gold has recently surpassed $2,115 to reach an all-time high.

Supporters of Bitcoin sometimes call it “digital gold” and contend that, in the long run, it functions similarly as a store of value. Positive correlations between the two assets are frequently interpreted as signs that Bitcoin will continue to gain traction and evolve in that direction.

El Salvador’s President Nayib Bukele declared on X (previously Twitter) on Monday that the nation’s Bitcoin holdings are now profitable in terms of dollars.

Bukele started making purchases on El Salvador’s behalf in 2021, close to the end of the previous bull market cycle.

Bukele stated in the X post on Monday, “Of course, we have no intention of selling; that has never been our objective.” “We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.”

Coinbase (COIN) shares increased by more than 5% on Monday, while Microstrategy (MSTR), a tech company that purportedly held nearly 175,000 shares as of Nov. 29, saw a 7% increase since Friday’s close.