Over $1 billion liquidated from the cryptocurrency market over the past 24 hours. As soon as Bitcoin reached a new all-time high of USD 69191.95, it quickly tumbled 14 per cent. Bitcoin notched its previous all-time high record of $68,982.20 on November 10, 2021.
Over $1 billion liquidated from the cryptocurrency market over the past 24 hours. This was followed by Bitcoin surging to a new all-time high in more than two years, yet the original cryptocurrency didn’t stay at its new all-time high very long as many traders appear to have taken the opportunity to book some profit.
The token soared as much as 2.5 per cent to USD 69,191.95 shortly after 10 a.m. in New York, then almost immediately reversed course in a plunge that at one point sent it 14 per cent below the record to USD 59,317.16.
“Given that nearly everyone who has ever bought Bitcoin is now in profit, there are decent odds we see some amount of profit taking," said Zaheer Ebtikar, founder of crypto fund Split Capital, as quoted by Bloomberg.
Bitcoin has also surpassed the previous record set in November 2021 - though by 2022 Bitcoin's value had sunk to as low as USD 16,500.
Hunter Horsley, CEO of Bitwise – another of the spot ETF issuers – suggested things are just getting started, with $250,000 bitcoin nearing faster than even bulls might fathom.
Why did Bitcoin surge?
Bitcoin has witnessed a breathtaking rebound this year amid robust demand from new US exchange-traded funds (ETF) and a looming reduction in the growth of the token’s supply. At its high on March 5, Bitcoin was up about 63 per cent so far in 2024, outperforming global stocks and spreading optimism across the digital-asset market.
Bitcoin owes much of its rebound to a regulator long-viewed as hostile to crypto: the US Securities and Exchange Commission. The SEC approved spot-Bitcoin exchange-traded funds in early January after suffering a legal defeat last year in its attempt to reject them. The move has widened the mass-market accessibility of Bitcoin, helping the crypto sector to turn the page following a bear market in 2022 and a string of subsequent bankruptcies, including the implosion of Sam Bankman-Fried’s FTX exchange, according to a report by Bloomberg.
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Binance recorded the highest liquidations among exchanges at $118 million, of which 88% were long trades. ...
The dive came as U.S. technology stocks took a hit on Wednesday, causing the tech-heavy Nasdaq 100 index to lose 660 points, its biggest drop since 2022.
In summary, when a trader is liquidated on a crypto futures trade, the money is used to cover their losses, and any remaining funds may be returned to the trader after fees and expenses are deducted. However, if the losses exceed the available margin, the trader may be responsible for paying the difference.
Bitcoin's price today is US$69,485.13, with a 24-hour trading volume of $23.41 B. BTC is +2.89% in the last 24 hours. It is currently -0.55% from its 7-day all-time high of $69,870.74, and 9.39% from its 7-day all-time low of $63,520.71. BTC has a circulating supply of 19.73 M BTC and a max supply of 21 M BTC.
24H Volume is the amount of buying and selling of a cryptocurrency asset that takes place over a 24-hour period. It is a key point of data for traders found on the Crypto.com Price page. 24H Volume lets traders gauge interest in a cryptocurrency and shows how much it's been traded in a 24-hour time frame.
If you held the asset for less than a year, it is considered short-term, and you will pay ordinary income tax rates. If you sell your crypto for a loss, the IRS allows you to offset losses against other income on your tax return. These so-called “realized losses” can be used to offset other taxable investment profits.
When you sell Bitcoin, the fiat cash will be stored on your exchange account. Which means you will get a fiat wallet and a crypto wallet when using exchanges. You may also have the option of converting Bitcoin to a Stablecoin tied to a fiat currency such as the US dollar, using that to cash out instead.
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
In the dynamic world of cryptocurrencies, assets with limited supplies hold a unique appeal due to their scarcity and potential for value appreciation. In this blog, we talk about the best crypto with limited supply. These include Bitcoin, Binance Coin, Cardano, Chainlink, XRP, Avalanche, and Litecoin.
We automatically rank cryptocurrencies according to their current RSI reading to help you identify new undervalued crypto assets or coins that are potentially overbought. Currently, the most oversold crypto is XCAD Network, with an RSI reading of 19. This suggests that there might be a good buying opportunity for XCAD.
Introduction: My name is Eusebia Nader, I am a encouraging, brainy, lively, nice, famous, healthy, clever person who loves writing and wants to share my knowledge and understanding with you.
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