The price of Bitcoin soared to a staggering $64,100 on Coinbase, marking its highest level since October 2021. This significant surge of over 12% in the span of 24 hours was met with a sharp decline as Coinbase users reported issues with their account balances.
Coinbase CEO Brian Armstrong acknowledged the surge in traffic on the exchange, which may have contributed to the reported issues. Meanwhile, a massive $100 million worth of BTC liquidations hit the market in just one hour, causing total liquidations across the crypto market to reach over $630 million.
The surge in Bitcoin’s price can also be attributed to the influx of money into spot Bitcoin ETFs, with BlackRock’s IBIT recording a staggering $1.3 billion in volume. This week, the spot ETFs have already broken their all-time daily volume record, reaching $2.6 billion with only half a day of trading data.
Despite the bullish momentum, the market anticipates a potential pullback ahead of the halving. Currently, Bitcoin is hovering around the $60,000 level. This volatility has also been reflected in the market for short sellers, with Coinglass data showing that they have been rekt for over $355 million, while longs have lost $280 million in the past 24 hours.
As the market continues to closely monitor Bitcoin’s price movements, it is important to note that the issue with Coinbase accounts has been acknowledged and is being investigated by the exchange’s support team. Coinbase founder and CEO Brian Armstrong has reassured users that their assets are safe.
In conclusion, the recent surge in Bitcoin’s price highlights the growing interest and demand for the cryptocurrency, as well as the potential for significant gains. However, it also serves as a reminder of the volatility and risks associated with investing in the crypto market.
