Home Market Bitcoin hits $64,000 earlier than sharply retreating as Coinbase crashes

Bitcoin hits $64,000 earlier than sharply retreating as Coinbase crashes

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Bitcoin hits $64,000 earlier than sharply retreating as Coinbase crashes

  • Bitcoin worth hit highs of $64,100 on Coinbase, surging double-digits.
  • BTC nevertheless fell sharply as Coinbase customers reported points with account balances.
  • Coinbase CEO Brian Armstrong famous the alternate had recorded a spike in visitors.

Bitcoin worth crossed the $64,000 mark on Wednesday February 28, to hit its highest degree since October 2021. The highest cryptocurrency’s worth rose greater than 12% within the 24 hours to hit highs of $64,100 on Coinbase.

Nonetheless, costs fell sharply to the touch lows of $58k as $100 million in BTC liquidations hit the market in a single hour. Over the previous 24 hours, complete liquidations throughout the crypto market reached over $630 million – with Coinglass knowledge displaying brief sellers rekt for over $355 million and longs for $280 million.

The $6,000 dip occurred as customers reported issues with their Coinbase accounts – balances confirmed $0. Coinbase help did acknowledge the issue, noting that its group was investigating the matter.

Coinbase founder and CEO Brian Armstrong acknowledged the surge in visitors the alternate was seeing.

What subsequent for Bitcoin?

BTC, which has jumped practically 50% previously 30 days, spiked to the multi-year excessive to come back inside 5% of its all-time excessive of $69,000. At at this time’s peak, Bitcoin had doubled from ranges seen in October 2023 when it broke above the $30,000 degree.

The momentum that carried bulls excessive this week has coincided with a large inflow of cash into spot Bitcoin ETFs. The SEC’s approval of spot ETFs in January helped push BTC above $50k and the file volumes seen this week have added to the impetus.

Solely this week, BlackRock’s IBIT recorded a staggering $1.3 billion in quantity.  Immediately, the spot ETFs have been as much as $2.6 billion with simply half the day of buying and selling knowledge in. Bloomberg ETF analyst Eric Balchunas shared this on X.

The market anticipates Bitcoin worth could pull again forward of the halving. At the moment, Bitcoin is hovering across the $60k degree.

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