2024

Wednesday

Bitcoin

<div class="coinjournal">
 Bitcoin price crossed the $64,000 mark on Wednesday February 28, to hit its highest level since October 2021. The top cryptocurrency’s value rose more than 12% in the 24 hours to hit highs of $64,100 on Coinbase.
 However, prices fell <a rel="noopener noreferrer nofollow" title="sharply" href="https://thebittimes.com/tag/sharply.html">sharply</a> to touch lows of $58k as $100 million in <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> liquidations hit the market in one hour. Over the past 24 hours, total liquidations across the crypto market reached over $630 million – with Coinglass data showing short sellers rekt for over $355 million and longs for $280 million.
 The $6,000 dip happened as users reported problems with their Coinbase accounts – balances showed $0. Coinbase support did acknowledge the problem and <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> price swiftly moved back above $60k. Prices hovered near $61,300 at the time of writing.
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 We are aware that some users may see a zero balance across their Coinbase accounts &amp; may experience errors in buying or selling. Our team is investigating this &amp; will provide an update shortly. Your assets are safe. You can track this incident at https://t.co/a3pl4WiDhZ
 — Coinbase Support (@CoinbaseSupport) February 28, 2024
 </blockquote>
 
 Coinbase founder and CEO Brian Armstrong acknowledged the surge in traffic the exchange was seeing.
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate.
 — Brian Armstrong 🛡️ (@brian_armstrong) February 28, 2024
 </blockquote>
 
 <h2 id="span-style-font-weight-400-what-next-for-bitcoin-span">What next for Bitcoin?</h2>
 <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>, which has jumped nearly 50% in the past 30 days, spiked to the multi-year high to come within 5% of its all-time high of $69,000. At today’s peak, Bitcoin had doubled from levels seen in October 2023 when it broke above the $30,000 level.
 The momentum that carried bulls high this week has coincided with a massive influx of money into spot Bitcoin ETFs. The SEC’s approval of spot ETFs in January helped push <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> above $50k and the record volumes seen this week have added to the impetus.
 Only this week, BlackRock’s IBIT recorded a staggering $1.3 billion in volume.&nbsp;&nbsp;
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 JEEZ: Only halfway through trading day and New Nine bitcoin ETFs have already broken their all time daily volume record w/ $2.6b. We got 4 btc ETFs in Top 20. $IBIT is #4 overall, it's gonna trade more today than in its first two wks combined. This is officially a craze. pic.twitter.com/Wqez1rKrCg
 — Eric Balchunas (@EricBalchunas) February 28, 2024
 </blockquote>
 
 The market anticipates Bitcoin price may pull back ahead of the halving. However, once the shorts
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-hits-64-000-before-sharply-retreating-as-coinbase-crashes-tbt81089.html">https://thebittimes.com/bitcoin-hits-64-000-before-sharply-retreating-as-coinbase-crashes-tbt81089.html</a>

Bitcoin hits $64,000 before sharply retreating as Coinbase crashes

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