Summary
Bitcoin is close to reaching its all-time high price of $69,044, currently trading at $65,037.24. It has already surpassed its all-time high in various global currencies. The U.S. dollar’s buying power has increased relative to other currencies since November 2021. Bitcoin open interest for March 29 expiry is steadily increasing, with over $30 billion in value. Traders are betting on Bitcoin hitting $70,000 by the end of the month.
Key Points
1. Bitcoin is just 6% away from its all-time high price of $69,044 set on November 10, 2021, currently trading at $65,037.24. The price has climbed 6% since yesterday and posted a remarkable 27% gain in the past week.
2. Bitcoin has already set new peak prices in various global currencies over the weekend, including the Euro, Chinese Yuan, Japanese Yen, U.K. Pound Sterling, and India’s Rupee. This indicates that Bitcoin’s price performance may vary depending on the currency used for measurement.
3. Bitcoin open interest for options expiring on March 29 is steadily increasing, surpassing $30 billion. Traders are betting on Bitcoin hitting $70,000 before the end of the month, with $775 million worth of open long contracts on popular derivatives exchange Deribit.