Over $1 billion liquidated from the cryptocurrency market in 24 hours

More than a billion dollars liquidated from the cryptocurrency market in the last 24 hours. This was followed by Bitcoin rising to a new all-time high in over two years, however, the original cryptocurrency did not stay at its new all-time high for long as many traders appear to have taken the opportunity to make some profits.

The token soared as much as 2.5 percent to $69,191.95 shortly after 10 a.m. in New York, then almost immediately reversed course in a decline that at one point sent it 14 percent below record highs. $59,317.16.

“Since almost everyone who has ever bought bitcoin is now making profits, there are good chances that we will see some profit-taking," said Zaheer Ebtikar, founder of crypto fund Split Capital, quoted by Bloomberg.

bitcoin It has also surpassed the previous record set in November 2021, although in 2022 the value of Bitcoin had sunk to $16,500.

Hunter Horsley, CEO of Bitwise, another of the ETF spot issuers, suggested things are just getting started, with $250,000 in bitcoin approaching faster than even the bulls could imagine.

Why did Bitcoin rise?

Bitcoin has witnessed an impressive rally this year amid strong demand for new US exchange-traded funds (ETFs) and a looming reduction in the token's supply growth. At its March 5 high, Bitcoin is up about 63 percent so far in 2024, outperforming global stocks and spreading optimism across the digital asset market.

Bitcoin owes much of its recovery to a regulator long considered hostile to cryptocurrencies: the US Securities Commission. He SECOND approved spot Bitcoin exchange-traded funds in early January after suffering a legal defeat last year in its attempt to reject them. The move has expanded Bitcoin's accessibility to the mass market, helping the crypto sector turn the page following a bear market in 2022 and a series of subsequent bankruptcies, including the implosion of Sam Bankman-Fried's FTX exchange, according to a Bloomberg report . .

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Posted: Mar 6, 2024, 06:08 am IST

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