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BTC prices surpassed $69,000, establishing a new all-time high (ATH). Following this peak, the price began to decline, falling nearly $8,000 within a few hours.
As reported by CoinMarketCap, Bitcoin achieved a new ATH of $69,170. CoinGecko did not confirm the ATH, with its maximum value for BTC recorded at $68,912. These platforms calculate average values differently, utilizing data from various trading exchanges. For instance, BTC reached $69,324 on the Coinbase exchange.
According to CompaniesMarketCap, Bitcoin’s market capitalization briefly surpassed that of the silver market, positioning it as the eighth largest asset by capitalization.
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Shortly after hitting peak values, Bitcoin’s price dropped sharply, losing as much as 14% in just a few hours. CoinGlass indicated that this rise and subsequent decline resulted in the liquidation of $1.07 billion in positions, with long positions accounting for $806.6 million. Additionally, analysts from Santiment observed a $1.46 billion (-12%) reduction in Bitcoin’s open interest, suggesting that the sudden decline in open interest reflects a temporary removal of “speculative excess” from the markets.
Analysts link the recent increase in BTC to spot Bitcoin ETFs. Their introduction has generated consistent demand for BTC that is not directly tied to its current price, reinforcing BTC’s role as a store of value and contributing to its price increase. Moreover, the metrics for spot Bitcoin ETFs are also rising alongside the new highs. On March 5, trading volume for shares of spot Bitcoin ETFs in the U.S. reached $10 billion, marking a new record. The daily inflow of funds hit $562 million, the third-highest since the fund’s inception.
Just under a week ago, spot Bitcoin ETFs drew in a record $673 million in a single day, coinciding with significant growth in BTC prices.
Сообщение Bitcoin Set New ATH Before Falling 14% появились сначала на CoinsPaid Media.
