The price of Bitcoin rose above $70,000. What happened?
After the collapse at the end of last week, the main cryptocurrency recovered by 6%
From its low on March 9, the price of Bitcoin (BTC) rose more than 6% to $70,500 per coin. The price of Ethereum (ETH) rose by the same 6%, climbing above $2,050, according to Coinmarketcap.
The growth that began on March 9 came after BTC prices fell for most of last week: last week's local maximum was reached on March 4 at $74,000, after which prices fell below $66,000, reaching a local minimum on March 8.
Among the top 100 cryptocurrencies, DeXe (DEXE), Stable (STABLE), and Pippin (PIPPIN) saw the largest growth over the past 24 hours, with prices rising 14%. The biggest drop was seen in the memecoin OFFICIAL TRUMP (TRUMP), which fell 4%.
Amid volatility, crypto exchanges liquidated the positions of 81,000 traders over the past day for a total of $327 million. This refers to the nominal value of positions taking into account leverage (a position of $100 with 10x leverage counts as $1,000 in total losses). Those who bet on rising and falling prices suffered losses in almost equal measure, with short positions accounting for $184 million of the total liquidations.
Spot exchange-traded funds (ETFs) on Bitcoin in the US recorded an inflow of $167 million on March 9. In contrast, about $40 million was withdrawn from Ethereum funds, according to SoSoValue.
The fear and greed index in the crypto market remains in the “extreme fear” zone at 13 points out of 100. This indicates that market participants are still inclined to actively sell cryptocurrencies.