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Home > News
Published: 11/03/2024
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Author: Leexim
Bitcoin to Continue Surging as Supply Nears Depletion
An analyst on platform X predicts a sharp increase in the price of Bitcoin in the near future. The analyst points out that the BTC supply on exchanges has significantly dwindled.
Azcnews (1)
In the upcoming period, predictions from a renowned expert in the digital asset space indicate a strong upward momentum for the price of Bitcoin. Emphasizing the rapid decrease in the supply of BTC across cryptocurrency exchanges, the expert highlights the significant reduction in availability.
On the social media platform X (formerly Twitter), an analyst named “Ivan Tokenomija” presented information gleaned from Santiment, a blockchain analysis platform. He points out a noteworthy decline in the BTC supply on exchanges and confidently declares, “The price of Bitcoin will surge.”
An essential point to note is that if the supply of BTC on exchanges decreases while demand either remains steady or increases, according to the principles of supply and demand, the price is likely to rise.
With a record influx of funds into Bitcoin exchange-traded funds (ETFs) and the anticipated Bitcoin halving event in April, the demand for BTC may continue to stay high. Conversely, the reduction in BTC quantity on exchanges may be interpreted as a signal that many owners are transferring their assets to secure wallets for long-term holding or implementing a “HODLing” strategy.
According to Glassnode, a blockchain analysis platform, long-term holders are increasing their participation in the digital asset market, nearing record levels. Glassnode’s assessment indicates that this group is exerting distribution pressure, with spending reaching 257,000 BTC per month, of which GBTC accounts for 57% of this proportion.
Related: BTC Approaches $70K, Bitcoin Network Fees Double
Glassnode confirms that on average, long-term holders are currently enjoying a substantial average profit of around 228%. However, they remain motivated to continue spending and seeking further profits.
Renowned investor and author Robert Kiyosaki recently recommended that his followers invest in Bitcoin, even with a small amount. He also drew attention to the next target for the leading cryptocurrency, which is $300,000.
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Aniekpeno Sumday
11/03/2024 at 6:44 am
Very interesting
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Aniekpeno Sumday
11/03/2024 at 6:44 am
Good
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Aniekpeno Sumday
11/03/2024 at 6:45 am
Undiluted
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Home > News
Published: 11/03/2024
-
Author: Leexim
Bitcoin Reaches All-Time High at $71,000
Bitcoin surges to fresh record highs exceeding $71,000, registering a rapid 3% gain within the first hour of Europe's Monday trading.
Azcnews (3)
The bullish camp made a comeback in the Monday morning trading session in Europe, propelling Bitcoin into a new price discovery phase. At the time of writing, BTC is hovering around $71,000 on multiple exchanges, establishing an all-time high. On that day, the cryptocurrency experienced a 3% increase, coupled with a weekly surge of 11.3%.
This momentum triggered the liquidation of leveraged positions amounting to approximately $50 million, with $44 million attributed to short selling. Data from CoinGlass indicates that the majority of the liquidation activities took place on OKX.
This significant milestone occurs as the cryptocurrency market continues to attract widespread attention and substantial investments from both retail and institutional investors, particularly following the approval of a series of Bitcoin ETFs in January. Before reaching this new peak, Bitcoin recorded its highest weekly candle close at $69,062 on Bitstamp. Meanwhile, the second-largest cryptocurrency, Ethereum, recently surpassed the $4,000 threshold.
Btcusdt Chart
BTCUSDT Chart
Data from CoinGlass reveals that, amid recent price fluctuations, the market has witnessed a significant liquidation event, reaching a total value of $336.22 million in just the past 24 hours. The majority of this liquidation stems from unwinding long positions, totaling $224.73 million. Meanwhile, short positions make up the remaining portion, with a total value of $111.49 million.
In a short time frame, the total liquidation value in the market surged to $39.68 million, indicating high volatility in the cryptocurrency market throughout the day. Short positions played a substantial role in this figure, contributing a total value of $37.65 million, while long positions amounted to only $2.03 million.
Related: Bitcoin to Continue Surging as Supply Nears Depletion
Over the past four hours, OKX has led the exchanges in terms of liquidation, with a total value reaching $19.95 million. Within this total, $2.99 million belongs to long positions, while $16.96 million is attributed to short positions, constituting 85.03% of the overall liquidation. Following closely, Bitmex recorded a total liquidation value of $8.71 million, entirely from short positions. Lastly, Binance observed a total liquidation value of $6.74 million, comprising $2.12 million from long positions and $4.63 million from short positions.
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Home > News
Published: 11/03/2024
-
Author: Leexim
Bitcoin Reaches All-Time High at $71,000
Bitcoin surges to fresh record highs exceeding $71,000, registering a rapid 3% gain within the first hour of Europe's Monday trading.
Azcnews (3)
The bullish camp made a comeback in the Monday morning trading session in Europe, propelling Bitcoin into a new price discovery phase. At the time of writing, BTC is hovering around $71,000 on multiple exchanges, establishing an all-time high. On that day, the cryptocurrency experienced a 3% increase, coupled with a weekly surge of 11.3%.
This momentum triggered the liquidation of leveraged positions amounting to approximately $50 million, with $44 million attributed to short selling. Data from CoinGlass indicates that the majority of the liquidation activities took place on OKX.
This significant milestone occurs as the cryptocurrency market continues to attract widespread attention and substantial investments from both retail and institutional investors, particularly following the approval of a series of Bitcoin ETFs in January. Before reaching this new peak, Bitcoin recorded its highest weekly candle close at $69,062 on Bitstamp. Meanwhile, the second-largest cryptocurrency, Ethereum, recently surpassed the $4,000 threshold.
Btcusdt Chart
BTCUSDT Chart
Data from CoinGlass reveals that, amid recent price fluctuations, the market has witnessed a significant liquidation event, reaching a total value of $336.22 million in just the past 24 hours. The majority of this liquidation stems from unwinding long positions, totaling $224.73 million. Meanwhile, short positions make up the remaining portion, with a total value of $111.49 million.
In a short time frame, the total liquidation value in the market surged to $39.68 million, indicating high volatility in the cryptocurrency market throughout the day. Short positions played a substantial role in this figure, contributing a total value of $37.65 million, while long positions amounted to only $2.03 million.
Related: Bitcoin to Continue Surging as Supply Nears Depletion
Over the past four hours, OKX has led the exchanges in terms of liquidation, with a total value reaching $19.95 million. Within this total, $2.99 million belongs to long positions, while $16.96 million is attributed to short positions, constituting 85.03% of the overall liquidation. Following closely, Bitmex recorded a total liquidation value of $8.71 million, entirely from short positions. Lastly, Binance observed a total liquidation value of $6.74 million, comprising $2.12 million from long positions and $4.63 million from short positions.
Read More
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LATEST
Azcnews Breaking (61)
News | Altcoin | Editor Choice | Research 11/03/2024
What is Metis? Information about METIS Token?
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Azcnews (2)
News | Altcoin | Editor Choice | NFT 11/03/2024
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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.
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News | Altcoin | Editor Choice 11/03/2024
Binance Announces Listing of Metis
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News | Bitcoin | Editor Choice 11/03/2024
Bitcoin to Continue Surging as Supply Nears Depletion
An analyst on platform X predicts a sharp increase in the price of Bitcoin in the near future. The analyst points out that the BTC supply on exchanges has significantly dwindled.
Azcnews Breaking
News | Altcoin | Editor Choice 11/03/2024
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