Bitcoin is bouncing back after a sharp decline from the record above $69,000: Bitcoin is back at all-time highs after its rally to a record high on Tuesday was met with massive sales, leading to the cryptocurrency’s most volatile price movement this year.
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Bitcoin rise
The biggest and oldest token rose 5.8% to $67,002.84 on Wednesday, helping lift the broader digital asset market. The previous day,
Bitcoin reached an all-time high of $69,191.95 before quickly falling below $60,000.
The more than 14% range between Tuesday’s low and high was the biggest price swing this year, according to data compiled by Bloomberg.
Bitcoin spot ETFs
The large influx into Bitcoin spot ETFs, the decline in the growth of the supply of cryptocurrencies,
and speculation in currency-derived contracts led to a remarkable rise this year,
which exposed investors’ deals and positions to fluctuations, and led to a high probability of a clear decline in the price.
Stefan von Heinisch, head of trading at the Singaporean company OLCG,
expects some trading to occur within a limited range for the currency in the coming days,
with the price of Bitcoin continuing to fluctuate around $60,000.
Bets
Data from the CoinGlass platform showed that $880 million of funds betting on the rise of the cryptocurrency were liquidated,
in addition to $265 million of funds betting on Bitcoin’s decline within 24 hours.
According to von Hanisch, the combined figure, which exceeded one million dollars,
is the highest since the rise of Bitcoin during the Corona epidemic.
Despite the recent decline, Bitcoin’s 50% rise to date outpaces the rise in global stocks,
strengthening the optimism of the digital currency market.
Bitcoin Comeback
The return of Bitcoin, which began in early 2023, contributed to raising the total market value of digital assets to about $2.6 trillion.
Its recovery from the November 2022 decline capped a recession-to-boom cycle.
The price of Bitcoin reached its previous peak at $68,991 on November 10, 2021,
according to data collected by Bloomberg, a period in which global markets were affected by monetary and financial reductions.
Bitcoin is bouncing back after a sharp decline from the record above $69,000