Summary
Bitcoin reached a new all-time high of $72,000 after a rocky start to April. Market volatility led to $58 million of short positions being liquidated, with Ethereum also seeing a 6.9% spike in value. Grayscale’s outflows shrinking contributed to Bitcoin’s 3% drop last week. The market is anticipating the Bitcoin halving on April 20th, which historically has been bullish for long-term investors. Coinbase warned that past performance is not indicative of future success.
Key Points
1. Bitcoin hit $72,000, flirting with its all-time high, after a rocky start to the month where it finished below its 2021 high of $69,044.
2. Bitcoin saw a steady increase just shy of 2% over the weekend, followed by a 4.45% surge in prices within 12 hours as Europe woke up for the new week.
3. The spike in BTC futures open interest was in line with the market volatility over the past 24 hours, resulting in $58 million of short positions being liquidated, with the highest single liquidation being $7.83 million.