BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Bitcoin Dumped Immediately After Hitting a New All Time High and Here is Why

by Sham
March 5, 2024
in Crypto
A A
Bitcoin Dumped Immediately After Hitting a New All Time High and Here is Why
4
SHARES
Share on TwitterShare on Reddit
  • Bitcoin hit a new all-time high of $69,324 before quickly crashing 6% down to $65,627
  • The price crash resulted in over $32 million worth of long positions being liquidated as traders bet on further increases
  • In just 24 hours, over $675 million in leveraged bets were liquidated across crypto markets showing the risks of betting on Bitcoin’s volatility

The price of Bitcoin hit a record high today before swiftly dropping in value. This volatility led to major losses for traders betting on the cryptocurrency‘s price.

JUST IN: #Bitcoin has fallen $6,000 shortly after hitting a new all-time high

Where do we go from here? pic.twitter.com/PYFhGigza3

— BlockNews.com (@blocknewsdotcom) March 5, 2024

Bitcoin Reaches New Peak of $69,324

Early this morning, Bitcoin reached an all-time high of $69,324 on the Coinbase exchange. This eclipsed the previous record of $69,044 set in November 2021. Bitcoin’s price has skyrocketed over 300% since the start of 2023, following a brutal bear market.

Price Plummets 6%, Wiping Out $32 Million in Long Positions

The excitement over Bitcoin’s new high was short-lived. The price plunged by nearly 6% soon after reaching $69,324. It now trades at around $65,627 per coin.

This crash resulted in over $32 million worth of long positions being liquidated. Longs allow traders to bet on the price rising in the future. When they are liquidated, the trader loses their position.

Nearly $675 Million in Leveraged Bets Liquidated in 24 Hours

Today’s volatility led to massive losses from leveraged bets on Bitcoin’s price. In just 24 hours, over $675 million in both long and short positions were liquidated across crypto markets. Roughly $200 million was from Bitcoin derivatives alone.

Conclusion

The swift rise and fall of Bitcoin’s price shows the cryptocurrency’s continued volatility. While the new record high was exciting, the ensuing crash highlights the risks of betting on the asset’s future price fluctuations. Traders suffered major losses from the liquidation of leveraged positions.

Tags: BitcoinCoinbasecryptoliquidated
Tweet1ShareShare2

DON'T MISS THESE! HOT OFF THE PRESS

Dogwifhat’s Comeback: Will $1.00 Hold as WIF Targets Higher?
Crypto

Dogwifhat’s Comeback: Will $1.00 Hold as WIF Targets Higher?

May 17, 2025
BONK and DeFi Dev Corp Partner for Solana Validator, Despite Price Dip
Crypto

BONK and DeFi Dev Corp Partner for Solana Validator, Despite Price Dip

May 17, 2025
Conflicting Signals for AVAX: NFT Mania vs. Weak Demand
Crypto

Conflicting Signals for AVAX: NFT Mania vs. Weak Demand

May 17, 2025
HYPE’s Billion-Dollar Milestone: TVL Surge and Bullish Channel Defy Spot Volume Dip
Crypto

HYPE’s Billion-Dollar Milestone: TVL Surge and Bullish Channel Defy Spot Volume Dip

May 17, 2025
USD1 Goes Cross-Chain: Chainlink Partnership Unlocks Massive Growth Potential
Chainlink

USD1 Goes Cross-Chain: Chainlink Partnership Unlocks Massive Growth Potential

May 17, 2025
SUI Unleashed: Institutional Money and DeFi Volume Propel Its Rise
Crypto

SUI Unleashed: Institutional Money and DeFi Volume Propel Its Rise

May 17, 2025
Load More

Related News

Dogwifhat’s Comeback: Will $1.00 Hold as WIF Targets Higher?

Dogwifhat’s Comeback: Will $1.00 Hold as WIF Targets Higher?

May 17, 2025
BONK and DeFi Dev Corp Partner for Solana Validator, Despite Price Dip

BONK and DeFi Dev Corp Partner for Solana Validator, Despite Price Dip

May 17, 2025
Conflicting Signals for AVAX: NFT Mania vs. Weak Demand

Conflicting Signals for AVAX: NFT Mania vs. Weak Demand

May 17, 2025
HYPE’s Billion-Dollar Milestone: TVL Surge and Bullish Channel Defy Spot Volume Dip

HYPE’s Billion-Dollar Milestone: TVL Surge and Bullish Channel Defy Spot Volume Dip

May 17, 2025
USD1 Goes Cross-Chain: Chainlink Partnership Unlocks Massive Growth Potential

USD1 Goes Cross-Chain: Chainlink Partnership Unlocks Massive Growth Potential

May 17, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.