Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin breaches all-time high against euro and pound

Bitcoin breaches all-time high against euro and pound

The BlockThe Block2024/03/04 11:02
By:Brian McGleenon

Bitcoin has hit an all-time high against the euro and pound.The price of bitcoin surpasesd the $65,000 mark on Monday.

Bitcoin breaches all-time high against euro and pound image 0

Bitcoin BTC +5.57% has hit an all-time high against the euro and pound. On Monday, the market-leading cryptocurrency reached all-time highs of €60,447 and £51,736 on Coinbase.

The foremost digital asset has increased by almost 6% in the past 24 hours, changing hands for $65,163 at 5:34 a.m. ET. 

Bitcoin has hit a high of over $65,000. Image: The Block.

Bitcoin has not yet surpassed its all-time high in U.S. dollar terms, which was over $69,000 on Coinbase and was recorded in November 2021.

The Dollar Index, a key indicator of U.S. currency strength against six major rivals, displayed an upward trend last week. It has cumulatively gained 2.7% throughout January and February of 2023.

According to a recent Grayscale market report, there has been a steady decline in U.S. inflation since the beginning of this year, with markets now discounting a higher inflation outlook. "Generally speaking, the current higher U.S. interest rates are likely to be positive for the value of the dollar and could be negative for Bitcoin," the Grayscale analysts added.

A spike in liquidations

The bitcoin price surged above $65,000 in early-day trading on Friday. The price volatility has caused a spike in liquidations of leveraged bitcoin positions. 

The spike in prices over the past day led to a substantial liquidation of short positions on centralized exchanges. The volatility resulted in the liquidations of more than $80 million in bitcoin positions, with the majority ($60 million) being shorts, according to CoinGlass data .

The overall crypto market saw over $160 million of liquidated short positions in the last 24 hours, contributing to $251 million in liquidations across various centralized exchanges.

Liquidations occur when a trader's position is forcibly closed due to insufficient funds to cover losses. This situation arises when market movements are unfavorable to the trader's position, resulting in the depletion of their initial margin or collateral.

The  GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 4.22% to 139.68 in the past 24 hours.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04