The price of bitcoin surpassed the $64,000 mark at one point Monday morning in Asia, moving about 7% away from the cryptocurrency’s all-time high set in November 2021, according to The block price page.
As of 9:30 a.m. Hong Kong time, the world’s largest cryptocurrency by market capitalization was trading at around $63,500, up 3.4% over the past 24 hours. The GMCI 30 index, measuring the performance of the 30 main cryptocurrencies, was at 137.39, up 2.21% in 24 hours.
Over the past 24 hours, liquidation of Bitcoin positions amounted to $59.27 million, including approximately $38.52 million in short positions, according to Coinglass. data.
The price action came as daily open interest in Bitcoin futures on centralized exchanges hit an all-time high of $27.53 billion on Monday morning in Asia, according to Coinglass data.. Open interesta measure of the total value of all Bitcoin futures contracts outstanding on exchanges, indicates increased market activity and trader sentiment.
Spot Bitcoin exchange-traded funds (ETFs) saw significant increase in assets under management, with BlackRock’s IBIT reach 10 billion dollars last week. Cumulative spot bitcoin ETF volume stood at $73.91 billion as of March 1, up from $29.19 billion as of February 1, according to Yahoo Finance. data compiled by The Block.
Bitcoin BTC
+8.43%
is also close to its next halving event, which is expected to take place in April. The halving is expected to reduce miner rewards by 50%. This could negatively impact miner profitability and lead to higher bitcoin production costs, which would cause the price of bitcoin to fall. JPMorgan analysts wrote in a report last week.
The price of ether rose 1.6% to trade at around $3,400 on Monday morning in Asia, according to data from The Block.
Disclaimer: The Block is an independent media outlet providing news, research and data. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful and current information about the crypto industry. Here is our current financial information.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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