Bitcoin sets a new record at $ 64,000

The value of the flagship cryptocurrency exceeded $ 64,000 on February 28. BTC’s capitalization exceeded $ 1.2 trillion, according to CoinGecko. However, a few minutes after reaching the new record, BTC $56,501.78 Bitcoin -2.28% Market capitalization $1.11 trillion VOL. 24 hours $4.4 billion fell below $ 60,000. According to Coinglass, about 79,700 traders lost their funds.

According to Coinglass, the total amount of liquidations was over $ 790 million. Of these, short positions amounted to $ 438 million, and long positions — about $ 352 million. Liquidation occurs when a leveraged trader’s position is automatically closed. This often happens because the trader can no longer meet margin requirements.

Experts attribute the rally of the first cryptocurrency to the growing demand from bitcoin ETFs. Two months after the launch, the assets of nine leading bitcoin-based spot exchange-traded funds (ETFs) exceeded 300,000 BTC, or $ 17 billion. Taking into account the Grayscale Bitcoin Trust (GBTC) exchange-traded fund, the assets under their management exceeded 748,000 BTC.

According to the forecast of CryptoQuant’s CEO, if the current trend of inflows into bitcoin exchange-traded funds (ETFs) continues, the price of the first cryptocurrency could reach $ 112 thousand by the end of 2024.