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Bitcoin (BTC) Soars Above $71K, Logs New Record Peak

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Mon, 11/03/2024 - 7:25
Bitcoin (BTC) Soars Above $71K, Logs New Record Peak
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Bitcoin has shattered previous records by reaching a new all-time high of $71,092 on the Bitstamp exchange. 

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This milestone comes as the cryptocurrency market continues to gain mainstream acceptance and attract significant investment from both retail and institutional investors following the approval of a slew of spot Bitcoin ETFs in January. 

Before reaching its new peak, Bitcoin recorded its highest weekly candle close ever at $69,062 on Bitstamp. 

In the meantime, the price of Ethereum, the second-largest cryptocurrency recently surged above the $4,000 level.    

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More than $300 million worth of liquidations 

The recent price volatility has also led to significant market liquidations, with a total of $336.22 million liquidated In the past 24 hours alone, according to CoinGlass data. 

The majority of these liquidations were long positions, totaling $224.73 million. Short positions accounted for $111.49 million of the liquidations.

Over the last hour, the total market liquidations amounted to $39.68 million, demonstrating the high volatility in the cryptocurrency market. The majority of these liquidations were from short positions, totaling $37.65 million. Long position liquidations were significantly lower, at $2.03 million.

Over the past four hours, OKX led the exchanges in liquidations, with $19.95 million. Of this, $2.99 million were long positions, and a notable $16.96 million were short positions, comprising 85.03% of its total liquidations. Bitmex followed, with total liquidations amounting to $8.71 million, all of which were short positions. Lastly, Binance saw liquidations totaling $6.74 million, with $2.12 million in long positions and $4.63 million in short positions.

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