Bitcoin’s price is trading above $71,000 for the first time in its history after increasing by more than 2% during the past day.

Over the weekend, Bitcoin largely hovered around the $68,000 mark. However, during the early Asian trading hours today, it surpassed the $70,000 threshold and quickly surged to above $71,500. This rapid ascent places all Bitcoin holders in profit, according to IntoTheBlock data.

 

BTC was trading at $71,551 as of press time, according to CryptoSlate’s data.

Why BTC is rallying

The recent surge in BTC price can be attributed to a blend of factors, notably the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US and the forthcoming Bitcoin halving event.

Since their launch in January, these ETFs have become significant holders of the top digital asset. BlackRock’s iShares Bitcoin Trust ETF (IBIT) alone has swiftly accumulated 196,065 BTC, surpassing MicroStrategy’s total BTC holdings.

Other leading ETFs such as Fidelity’s Wise Origin Bitcoin Trust, Ark/21 Shares Bitcoin Trust, and Bitwise Bitcoin ETF also boast substantial holdings of the flagship digital asset.

Remarkably, the cumulative trading volumes for these ETFs have exceeded $100 billion, and they collectively hold about 4% of all BTC in circulation.

 

Moreover, these ETFs have started aligning crypto trading activity with traditional stock market hours, underscoring the increasing integration of digital assets into mainstream financial systems.

Meanwhile, the upcoming halving event is bullish for the industry because it enhances Bitcoin’s scarcity by reducing miner rewards. According to the Bitcoin Halving Clock, approximately 5,815 blocks remain before the event, estimated to occur by April 17.

Over $100 million liquidated

CoinGlass data shows that BTC’s upward price movement liquidated more than $100 million from traders speculating on its price during the past day.

Long traders saw losses totaling $53 million, while short traders faced approximately $56.53 million in liquidations.

Notably, the single most significant liquidation order was an $8.8 million long position held on the Bybit exchange.

Bitcoin Market Data

At the time of press 9:51 am UTC on Mar. 11, 2024, Bitcoin is ranked #1 by market cap and the price is up 2.57% over the past 24 hours. Bitcoin has a market capitalization of $1.41 trillion with a 24-hour trading volume of $48.72 billion. Learn more about Bitcoin ›

 

Crypto Market Summary

At the time of press 9:51 am UTC on Mar. 11, 2024, the total crypto market is valued at at $2.7 trillion with a 24-hour volume of $139.01 billion. Bitcoin dominance is currently at 52.19%. Learn more about the crypto market ›

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Author: Oluwapelumi Adejumo

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