The price of Bitcoin briefly rose above $64,000 and BTC futures open interest hit an all-time high.
The price of Bitcoin surpassed $64,000 at one stage in Asia on Monday morning, down about 7% from the cryptocurrency’s all-time high set in November 2021. The Block’s pricing page.
As of 9:30 a.m. Hong Kong time, the world’s largest cryptocurrency by market capitalization was trading at around $63,500, up 3.4% over the past 24 hours. The GMCI 30 index, which measures the performance of the top 30 cryptocurrencies, rose 2.21% in 24 hours to 137.39.
According to Coinglass, in the past 24 hours, the liquidation of Bitcoin positions reached $59.27 million, of which short positions amounted to about $38.52 million. data.
The price action comes as daily open interest in Bitcoin futures on centralized exchanges reached an all-time high of $27.53 billion in Asia on Monday morning, according to Coinglass data.. Open interestThe figure, which measures the total value of all Bitcoin futures contracts outstanding across exchanges, indicates increased market activity and trader sentiment.
The spot Bitcoin exchange-traded fund (ETF) has seen a significant increase in assets under management through BlackRock’s IBIT. Achieved $10 billion last week. Cumulative trading volume for spot Bitcoin ETFs reached $73.91 billion as of March 1, compared to $29.19 billion on February 1, according to Yahoo Finance. data Edited by The Block.
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We’re also getting closer to the next halving event, which is expected to occur in April. The halving is set to reduce miner rewards by 50%. This could have a negative impact on miners’ profitability and increase the cost of producing Bitcoin, which could cause the price of Bitcoin to fall. JPMorgan analysts wrote in the report. last week.
Ether prices rose 1.6% in Asia on Monday morning to trade at around $3,400, according to data from The Block.
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