BTC Price Nears Record High at $63k Ahead of Halving

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Bitget2024/02/29 05:42

By:Bitget

BTC Price Nears Record High at $63k Ahead of Halving image 0

Bitcoin is experiencing a resurgence, with its value climbing to nearly $63,000, approaching its previous peak of $69,000. This turnaround is remarkable considering its value plummeted to under $16,000 in late 2022 and early 2023.

The recent surge has been fueled by various factors, including regulatory approval for Bitcoin ETFs in the US earlier in the year, spurring investor confidence. Notably, substantial inflows into U.S.-traded spot ETFs have been observed, with over 12,000 bitcoin added on Tuesday alone.

Additionally, anticipation of the upcoming "halving" event has contributed to a buying frenzy among traders and investors. Despite briefly surpassing $63,000 on Wednesday, the price experienced a $3,000 drop later, settling around $61,240 at the time of writing.

Nonetheless, Bitcoin's current value reflects a significant increase of over 20% for the week. This signals optimism and momentum in the cryptocurrency market as it emerges from the crypto winter.

Source: Fast Company, Yahoo Finance

Futures Market Updates

Bitcoin futures market experienced a significant increase in total open interest, accompanied by a notable surge in trading volume. Meanwhile, Ether futures also saw growth in open interest, along with a substantial rise in trading volume. Both have long positions dominating liquidations.

Bitcoin Futures Updates

Total BTC Open Interest: $27.09B (+5.35%)

BTC Volume (24H): $190.29B (+167.56%)

BTC Liquidations (24H): $94.01M (Long)/$201.00M (Short)

Long/Short Ratio: 51.45%/48.55%

Funding Rate: 0.0794%

Ether Futures Updates

Total ETH Open Interest: $11.66B (+3.95%)

ETH Volume (24H): $71.23B (+152.86%)

ETH Liquidations (24H): $47.69M (Long)/$78.21M (Short)

Long/Short Ratio: 50.86%/49.14%

Funding Rate: 0.0747%

Top 3 OI Surges

WAXP: $16.36M (+111.13%)

BONG: $9.39M (+92.28%)

RATS: $2.35M (+83.36%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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