Bitcoin Rockets Past $69,000: Over 60k traders Caught In $200 Million Total Liquidations
26 März 2024 - 3:00AM
NEWSBTC
The cryptocurrency market recently witnessed significant
liquidations, totaling over $200 million, as Bitcoin surged past
the $69,000 mark. The Bitcoin price surge led to many short
positions being liquidated, causing notable financial repercussions
across various trading platforms. Bitcoin’s Sudden Rebound And
Liquidations The data from Coinglass provide a clearer picture of
the impact, showing that around 60,388 traders and counting faced
losses exceeding $200 million in just 24 hours. The distribution of
these liquidations varied among the major exchanges, with OKX
traders experiencing the highest losses at $81.19 million, narrowly
surpassing Binance’s $80.40 million in liquidations. Bybit and
Huobi also reported significant figures of $18.98 million and
$17.05 million in liquidations, highlighting the widespread effect
of Bitcoin’s unexpected rally. The resurgence of Bitcoin to over
$69,000 was particularly noteworthy, given its position below
$66,000 in the early hours of Monday. While the exact catalyst for
this abrupt rise remains uncertain, it puts Bitcoin a few dollars
in value away from reclaiming its previous all-time high of
$73,000. Analysts and traders are now closely watching the market
for signs of Bitcoin’s next move, with speculation about the
potential for new record highs in the near term. Looking Ahead:
Bitcoin Bullish Prospects Crypto analyst Cryptoyoddha has provided
an optimistic outlook for Bitcoin’s future, suggesting that the
cryptocurrency is on the cusp of entering a new phase of its cycle
that could see it reaching unprecedented heights. According to
Cryptoyoddha, Bitcoin’s historical pattern of accumulation,
followed by a parabolic surge, sets the stage for what he terms
“Cycle IV,” a period that could potentially elevate Bitcoin’s value
to $150,000 or more. According to the analyst, factors such as
increased institutional investment, evolving regulatory clarity,
and growing public acceptance of digital assets are key drivers of
this bullish sentiment. #Bitcoin The real pump will start after the
halving next month. pic.twitter.com/eV5FWkzkxX — Yoddha
(@CryptoYoddha) March 23, 2024 Meanwhile, Bernstein analysts Gautam
Chhugani and Mahika Sapra recently updated their forecast for
Bitcoin’s year-end price, elevating it from an initial $80,000 to
$90,000. This adjustment was prompted by notable factors such as
the robust inflow into Spot Bitcoin ETFs and earnings from mining
activities, which have contributed to a more optimistic outlook on
Bitcoin’s valuation. Additionally, they maintained that Bitcoin is
on track to reach $150,000 by mid-2025, attributing this
anticipated growth to several elements, including the impact of
Spot Bitcoin ETFs, which they expect to drive a significant upswing
in the cryptocurrency’s price. Related Reading: Beyond Bitcoin
ETFs: ‘There Are Other Players Controlling This Market’ – Says
Analyst Similarly, Standard Chartered has revised its prediction
for Bitcoin’s end-of-year value. Moving beyond their original
estimate of $100,000, the institution now suggests that Bitcoin
could ascend to $150,000 by year’s end, citing the catalytic role
of Bitcoin ETFs in fostering their positive outlook on the asset’s
future performance. Featured image from Unsplash, Chart from
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