Bitcoin surge to $64k prompts traders to divest meme coins
Over the past 24 hours, the sudden rise in cryptocurrency rates has led to the liquidation of traders’ positions on major crypto exchanges, surpassing a whopping $220 million. Coinglass reports that Bitcoin (BTC) experienced the highest liquidations, totaling nearly $60 million, followed by Ethereum (ETH) with $26.84 million. Interestingly, meme coins such as Dogecoin (DOGE), Pepe (PEPE), Memecoin (MEME), and Shiba Inu (SHIB) also saw active position closures. DOGE and PEPE accounted for the largest liquidations in this category, amounting to $18.12 million and $12.27 million respectively. The majority of these significant liquidations occurred on Binance, amounting to $88.72 million, closely followed by OKX with $82.59 million in liquidations.
The price of Bitcoin soared to over $64,000 on March 4 and is currently trading at $64,050, representing a nearly 4% increase in the past 24 hours. In just a week, BTC has seen a remarkable price surge of over 24%. According to analysts at Matrixport, the institutional side of the market is now intertwined with physical demand, further exacerbating the supply and demand imbalance that continues to push BTC prices higher.
Additionally, K33 experts highlight in their report the emergence of Bitcoin exchange-traded funds (ETFs) as a significant topic of discussion. These ETFs have the potential to drive the BTC price beyond its previous all-time high of nearly $70,000. Another factor contributing to future growth is the upcoming halving event scheduled for the spring of 2024.
For more insights and predictions on the future of Bitcoin and the factors driving its record highs, visit our website. Stay updated by following us on Google News.
