Summary
Bitcoin hit a new all-time high of $69,324 but quickly dropped by more than 6%, causing over $31 million in long positions to be wiped out. Over $675 million in both long and short positions were liquidated in just 24 hours, with roughly $200 million in Bitcoin derivatives alone. Bitcoin’s price has been volatile due to leveraged bets and ETF approvals. BlackRock now holds over $10 billion in Bitcoin for its clients.
Key Points
1. The price of Bitcoin hit a new all-time high of $69,324 today before crashing by more than 6% to just over $65,000.
2. The drop led to the liquidation of more than $31 million in long positions, with over $675 million in both long and short positions being liquidated across the crypto market in just 24 hours.
3. The volatility in Bitcoin’s price today has caused losses for those betting on the cryptocurrency’s price going up, with leveraged bets on the price of Bitcoin experiencing a wild ride.