After the most recent inflation figures, Bitcoin surpassed $26,000 to a nine-month high just for a brief period. In just four days, the value of the biggest cryptocurrency by market capitalization rose by more than 20% and is currently hovering closer to $25,000. This comes after reaching lows of $19662 following the failure of Silicon Valley Bank.
BTC has ridden predictions that U.S. interest rates won’t rise as quickly while bucking the turbulence on international markets that followed the collapse of Silicon Valley Bank last week.
Bitcoin liquidations hit record highs
With a surge of more than 51%, the king coin had an outstanding run in 2023. Santiment, an on-chain analytics firm, reported that several coins have recently been traded on exchanges. The “exchange flow balance,” which calculates the net amount of Bitcoin moving in or out of the wallets of all centralized exchanges, is the relevant signal in this case.
The exchange flow balance for Bitcoin has suddenly risen over zero during the past few days. A total of 21,524 BTC ($524.9 million at the current exchange rate) have been deposited to various platforms over the course of this increase.
Yet on March 13, bets against a rise in the price of bitcoin totaling more than $100 million were cashed. This was the greatest amount that had been liquidated since January 14, when a bitcoin increase resulted in a $500 million liquidation across several crypto futures.
78% of all bitcoin futures traders lost money as a result of the liquidations, according to data from Coinglass. Binance, OKX, Huobi, and Bybit were the major cryptocurrency exchanges that experienced losses.
At the time of writing, Bitcoin is trading below the $25k mark. The coin has gained more than two percent in the last 24 hours and is currently exchanging hands at the $24,703 levels.
Source: https://coinpedia.org/bitcoin/bitcoins-biggest-inflow-in-6-months-what-next-for-btc-price/