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

Bitcoin has shattered previous records by reaching a new all-time high of $71,092 on the Bitstamp exchange. 

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.