Bitcoin continues to push to previously unseen price levels, rising above $73,000 for the first time ever on Tuesday. But as with other recent peaks, the price dipped quickly thereafter.
According to data from crypto exchange Coinbase, the price of Bitcoin popped as high as $73,027 on Tuesday morning, beating the platform’s previous high of $72,702 on Monday. Last week, Bitcoin beat its previous all-time high when the price of BTC surged above $69,000 on Tuesday.
Bitcoin is dipping again, falling quickly after setting that new peak above $73,000 and then dropping even lower to $68,603, according to Coinbase. It’s volatility is its only constant, however as it's climbed back up to $71,102 as of this writing.
We’ve seen this happen a few times over the last week: Bitcoin pops to a new high, the price quickly dips as some holders apparently sell at the peak price, and then it corrects. The cycle potentially repeats again a couple of days later.
Why the Bitcoin Halving Is Sooner Than You Think
Sky-high Bitcoin ETF flows and several price rallies mean that the next Bitcoin halving is now projected to take place on April 15—not the meme-friendly 4/20 that it once was. That's bad news for meme fans who liked the idea of celebrating the halving and their affinity for weed on the same day. But it's also good news and a telling indication of trader sentiment. Just a month ago—on Valentine's Day, no less—Decrypt wrote about the very meme-friendly hypothetical situation that Bitcoin might rea...
Even after the dip, Bitcoin is up 47% over the last 30 days, per data from CoinGecko. Bitcoin hype has been fueled in part by demand for spot Bitcoin ETFs, which were approved in January and let people buy and sell shares like a stock. It’s a way for investors to gain exposure to Bitcoin without holding it, and the funds have been buying up billions in BTC as a result.
Bitcoin’s latest price discovery action has also come ahead of next month’s halving event, which happens approximately every four years and cuts the amount of BTC rewards for miners in half. That slows the growth of Bitcoin’s circulating supply and means less BTC is coming onto the market, which could benefit the price.
Bitcoin Continues to Fall After Hitting All-Time High. Is This Fine?
Bitcoin plunged on Tuesday shortly after the number one cryptocurrency by market capitalization hit a new all-time high of $69,170 earlier that morning. The weeks-long climb in Bitcoin's price, sparked largely by the approval of Bitcoin ETFs in January, pushed Bitcoin past its all-time high set in November 2021. Crypto Twitter was in a state of euphoria—before the price of Bitcoin went into freefall. According to CoinGecko, Bitcoin plummeted 12% to just above $60,000 in five hours. It's shakily...
Amid the Bitcoin bounces, liquidations of crypto positions hit $356 million over the last 24 hours per data from CoinGlass. Just over $100 million of that came from Bitcoin positions alone.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Edited by Ryan Ozawa.
