Bitcoin breaks $57,000 to reach within 20% of all-time-high

  • Bitcoin breaks $57,000 as BlackRock’s IBIT hits record with $1.3 billion
  • BTC could reach or break past its all-time high before the halving

Bitcoin’s pre-halving rally has seen the bellwether crypto reach $57,000, pushing to within just 20% of its all-time high of $69,000 in 2021.

After breaking past the $54,000 level, Bitcoin price extended its gains to above $57k late Monday. On Coinbase, BTC rose to $57,250, with total short liquidations reaching $271 million. Bitcoin accounted for $189 million of the liquidated shorts.

Ethereum’s surge to highs of $3,280 also saw over $67.8 million shorts liquidated.

However, altcoins were largely spectators to Bitcoin’s bullish show. Market intelligence platform Santiment shared this on X Tuesday morning.

“#Bitcoin has now scratched its way to a market value as high as $57,250, reaching within 19.9% of the $68.6K high established 27 months ago. Now at a pivotal moment, traders’ interest in $BTC is exceedingly high as #altcoins have temporarily taken a back seat.”

BlackRock’s IBIT trades $1 billion worth of shares

Bitcoin’s rally coincided with a stellar performance by spot Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust ($IBIT) outpacing the rest. According to Bloomberg ETF analyst Eric Balchunas, $IBIT accounted for $1.3 billion of the total $2.4 billion volume recorded on Monday.

The upside momentum also followed news that MicroStrategy had purchased 3,000 BTC, bringing its total to 193,000 BTC acquired for a total $6.09 billion. The company’s latest BTC purchase was for $155 million.

Bitcoin was trading around $56,430 early morning on Tuesday.

Comments

Post a Comment

Popular posts from this blog

Uniswap Labs Launches ‘Biggest Bug Bounty in History’ To Find Vulnerabilities in DEX

The firm behind the largest decentralized exchange (DEX) by trading volume is launching a $15.5 million bug bounty of historic proportions. According to a new announcement from Uniswap Labs, the bug bounty aims to identify potential holes in Uniswap V4’s core contracts. Uniswap V4 is set to be the latest version of the DEX. According to the announcement, Uniswap V4 introduces “hooks”, which Uniswap defines as “contracts that developers can create to customize how pools, swaps, fees, and LP (liquidity pool) positions interact” that allow new Features to be added to the DEX. In two posts to the social media platform X, Uniswap says it is looking for “critical” bugs for the bounty, though “critical” remains largely undefined. “Introducing the largest bug bounty in history We’re rewarding up to $15.5M to anyone that finds a critical vulnerability in v4 core contracts Find a critical bug, become a m...
Read more

Shiba Inu (SHIB) Predicted to Reclaim All-Time High: Here's When

Image
Shiba Inu (SHIB) is down by nearly 71% from its all-time high of $0.00008616, which it attained in October 2021. Moreover, the asset has faced a significant correction in the last 24 hours. Despite being up 14.3% in the weekly chart, SHIB’s price has fallen 7.6% in the daily chart, 9.3% in the 14-day chart, and 13.8% over the previous month. Source: CoinGecko However, despite the recent plummet, Shiba Inu (SHIB) may soon hit a new all-time high. According to CoinCodex, SHIB could surge to $0.00008813 on May 23, 2024. Reaching $0.00008813 from current levels would translate to a growth of about 251%. Source: CoinCodex Also Read: Shiba Inu Q2 2024 Outlook: Maximum Gains or Market Volatility? Changelly also paints a bullish picture for SHIB over the next few weeks. The platform anticipates SHIB to hit $0.00008739 on May 22, 2024. Can Shiba Inu (SHIB) delete a zero this cycle? Source: Twitter If SHIB can maintain its price at $0.00008, there is a possibility that...
Read more

Belarus wants to ban P2P cryptocurrency transactions

Belarus’ Ministry of Foreign Affairs cited a high crypto crime rate for banning all citizens from exchanging Bitcoin between each other. The Belarusian foreign ministry is working on legal amendments to prohibit peer-to-peer, or P2P, transactions in cryptocurrencies like Bitcoin (BTC). The Ministry of Foreign Affairs (MFA) of the Republic of Belarus on July 2 issued an official announcement on Telegram about new legislation that would ban P2P crypto exchange for individuals. The authority cited a high cybercrime rate in Belarus, stating that local prosecutors have suppressed the activity of 27 citizens providing “illegal crypto exchange services” since the beginning of the year. Their total illegal revenues amounted to nearly 22 million Belarusian rubles ($8.7 million). The foreign ministry argued that crypto P2P services are “in demand among fraudsters who cash out and convert stolen funds and transfer money to organizers or participants in criminal schemes.” In order to eliminate...
Read more