Bitcoin broke through $70,000 today, hitting a new all-time high in price and reaching the milestone as the halving approaches.
Binance announced this morning that the price of Bitcoin (BTC) has reached $70,330. At the time of writing, it had retreated to the $68,000 mark.
Source: Binance Futures
According to CoinGlass data, traders liquidated $60.4 million worth of long positions amid a sharp rise in BTC. Presumably, traders began to record profits against the backdrop of the growth of the first cryptocurrency to the all-time high (ATH).
Over the past month, the price of Bitcoin has increased by about 60% and its capitalization has exceeded $1.34 trillion. The rise in the cryptocurrency price is explained by a significant inflow of capital into American ETFs that invest directly in BTC. According to the latest data, the cumulative trading volume of spot Bitcoin ETFs exceeds $100 billion.
Another growth factor is the halving, which is expected in April. After that, Bitcoin's mining reward is divided in half.
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