Yesterday looked like a good day for Bitcoin (BTC) and the entire cryptocurrency market, but bears had their own ideas.
The price of Bitcoin hit a record high of more than $69,000, while the prices of other cryptocurrencies also increased significantly. Fast forward a few hours later, and the market saw liquidation positions worth more than $700 million as BTC slumped and fell below $63,000.
Although the price rebounded to around $65,000, BTC is still down around 4% daily at the time of writing.
With the total loss of capital just under $200, other markets also fell. Bybt’s data shows that 81% of liquidations come from long positions, most of which occur in Binance.
Bitcoin (BTC) Hits New ATH But Not For Long
Bitcoin price hit an all-time high of $69,000 while Ethereum continued to march towards $5,000 after hitting a new high of $4,868 yesterday. However, shortly after reaching this new milestone, traders began taking profits, causing the price of BTC to drop nearly $7,000 to below $63,000.
After Bitcoin was trapped at around $66,000, an impressive spike began, increasing its value by $3,000 in minutes, breaking its all-time high, and hitting a new high at a price above $69,000. The asset later settled down and stayed around $66,000 after a slight retracement.
Despite a retracement of hundreds of dollars since its most recent high, Bitcoin’s market value has approached $1.3 trillion for the first time. According to data from 8MarketCap, the number one cryptocurrency in the world according to CoinMarketCap, is now the eighth largest asset in the world, outperforming Tesla and Meta (Facebook). Bitcoin is also very close to silver, and the gap between the two is around $100 billion. Next up are Amazon, Google, Saudi Aramco, Apple, Microsoft, and Gold.