Bitcoin (BTC-USD) made history again today: it hit a new all-time high by crossing the elusive $69,000 barrier. This achievement came after a week in the $60,000 value area. However, the celebration was short-lived. After hitting a new all-time high, selling pressure mounted. Bitcoin had fallen by 7.5% at the time of writing, but it remains above yesterday’s opening and has not broken yesterday’s low.
Discrepancies in Bitcoin’s Peak Price Across Platforms
The reported all-time high varies between major price aggregation platforms. CoinMarketCap, drawing data from 721 exchanges, recorded Bitcoin’s peak at $69,170. In contrast, CoinGecko, with data from 971 exchanges, reported a slightly lower high of $68,912.
Here are some of the recorded all-time highs from well-known exchanges:
Bitstamp $69,210
Binance $69,063
Kraken $69,218
Coinbase $69,324
Bitfinex $68,874
ETFs Drive Record Trading Volumes amid Investor Enthusiasm
Bitcoin’s rally and subsequent price movements have been significantly influenced by interest in exchange-traded funds (ETFs), particularly in the U.S. Today, BlackRock’s (NYSE:BLK) spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), recorded $1 billion in volume within the first hour of trading. The past week alone saw over $30 billion in trading volume for global digital-asset investment products, a testament to the growing confidence and institutional participation in the cryptocurrency market.
Significant Liquidations, Euro Flash Crash
The swift retreat from Bitcoin’s new all-time high triggered a wave of liquidations across centralized exchanges. Over $600 million in Bitcoin positions were liquidated, a combination of longs and shorts.
An abrupt decline in Bitcoin’s price against the Euro on Coinbase (COIN) raised eyebrows, with a dramatic drop from 60,000 euros to as low as 48,529 euros. Bitcoin took 10 minutes to return to parity with euro trading pairs on other exchanges.
We’ll keep you updated as Bitcoin continues its wild swings post new all-time highs.
