Over $800M of the $1B in liquidation was accounted for by long positions, meaning leveraged bulls recorded massive losses.
Bitcoin demonstrated its boom-and-bust nature amid volatile price swings on Tuesday. Despite this, spot Bitcoin ETF recorded strong inflows amid high institutional demand.
Bitcoin hits a new all-time high of $69,170 driven by US regulators’ approval of ETFs and rising investor confidence. Analysts weigh in on Bitcoin’s future amidst market euphoria.
UK government’s Bitcoin holdings value crossed $4 billion as BTC price rallied past $68,000 looking forward to make new all-time highs.
Before the conversion on January 11, GBTC held 624.28K BTC but this amount has since dropped to 434.36K BTC as of March 4.
Bitcoin broke through $68,000 and was less than $1,000 away from its all-time high.
Kole Lee, the leader of Stanford’s Blockchain Club, had pitched Blyth Fund to invest in BlackRock’s spot Bitcoin ETF in early February.
MicroStrategy’s proactive stance towards Bitcoin investment is well-documented, with the company steadily accumulating BTC holdings over time.
Bitcoin’s recent surge is driven by robust demand from new US spot Bitcoin ETFs with BlackRock Inc and Fidelity Investments garnering over $7 billion in net inflows since their launch on January 11.
Hungary’s move to embrace cryptocurrencies comes at a time when the global crypto market is making a comeback after a year-long market crisis.
The recent price surge has led to a spike in liquidations of leveraged Bitcoin positions, particularly short positions.
Santostasi introduced the power law model on the r/Bitcoin subreddit in 2018, but it gained attention in January when finance YouTuber Andrei Jikh highlighted it.
Glassnode data reveals that the total BTC assets available on major trading platforms have dwindled to 2,286,347 BTC ($142.5 billion) as of March 2, marking the lowest level since March 2018 when BTC/USD traded at just $8,000.
The massive Bitcoin price rally in 2024 is majorly due to the continuous inflows into the Bitcoin ETFs launched in January.
A report by JPMorgan forecasts a potential correction in BTC price to as low as $42,000 following the April halving when miner rewards will be halved for the fourth time in Bitcoin’s history.