Bitcoin It surpassed $73,000 for the first time ever on Tuesday and continues to rise to never-before-seen price levels. However, as with other recent highs, prices have fallen quickly since then.
According to data from cryptocurrency exchanges: coinbase, the price of Bitcoin soared to $73,027 on Tuesday morning, surpassing the platform’s previous high of $72,702 on Monday. Last week, Bitcoin saw the BTC price hit a new all-time high. Soars above $69,000 On Tuesday.
According to Coinbase, Bitcoin is trending lower again, setting a new high above $73,000 before falling quickly and then falling further to $68,603. Volatility is the only constant, but as of this writing it has risen again to $71,102.
We’ve seen this happen several times in the past week. Bitcoin hit a new high, then the price fell quickly and then corrected as some holders apparently sold at the highest price. This cycle is likely to repeat itself again in a few days.
Even after the decline, Bitcoin 47% increase in last 30 days, based on data from CoinGecko. The Bitcoin hype is fueled in part by demand. Bitcoin ETF Spot, approved in January, allows people to buy and sell stocks like stocks. This is a way for investors to gain exposure to Bitcoin without owning any Bitcoin, and as a result, funds have been buying billions of dollars of BTC.
Bitcoin’s latest price discovery activity was also ahead of the curve. Halving event next monthThis happens approximately every four years and halves the amount of BTC rewards to miners. This will slow the growth of Bitcoin’s circulating supply and mean that less BTC will hit the market, which could benefit the price.
Amid Bitcoin’s rebound, liquidation of cryptocurrency positions over the past 24 hours reached $356 million, per data. Coin Glass. More than $100 million of that came from Bitcoin positions alone.
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Edited by Ryan Ozawa.
