Bitcoin's value in U.S. dollars has experienced a significant surge, climbing by 34.9% in the last two weeks and by 60.5% over the preceding month, setting a new record above $70,000. This milestone was reached at 10:25 a.m. Eastern Time on Friday.
Within a 1-hour period, BTC shorts totaling $20.47 million were liquidated, indicating strong bullish momentum. By 10:31 a.m. on the same day, the unit price on Bitstamp soared to $70,184. However, shortly after tapping the $70,184 mark, the price swiftly dropped below the $69,000 threshold. Nevertheless, BTC has remained above the $60,000 range for a total of ten days in 2024, breaking its 2021 record twice already.
Simultaneously, Ethereum (ETH) also experienced a surge, briefly crossing the $4,000 mark for the first time since 2021. However, the price quickly retraced below the $4,000 threshold.
Bitcoin's remarkable climb to surpass $70,000 and Ethereum's brief touch of the $4,000 milestone signify the ongoing strength and volatility within the cryptocurrency market. Investors continue to monitor these developments closely, anticipating further fluctuations and potential record-breaking moments in the future.
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