Today, Bitcoin soared past the $70,000 mark, achieving a new all-time high as anticipation builds around the impending halving event.
Binance recorded Bitcoin’s price peaking at $70,330 earlier in the day, although it has since retraced to around $68,000. Traders reacted to this surge by liquidating long positions worth $60.4 million, likely seizing profits as the cryptocurrency reached its ATH.
Bitcoin’s price has surged by approximately 60% over the past month, with its market capitalization surpassing $1.34 trillion. This rise can be attributed to a substantial influx of capital into American ETFs directly investing in Bitcoin. Recent data indicates that the cumulative trading volume of spot Bitcoin ETFs has surpassed $100 billion.
Additionally, anticipation surrounding the upcoming halving event in April is fueling further growth. Following the halving, Bitcoin’s mining reward will be halved, potentially impacting its supply dynamics.