On the morning of February 27, the rate of the first cryptocurrency exceeded $56,000, reaching the maximum of November 2021.
15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.
Bitcoin price tested the $57,000 level, but at the time of writing it had corrected to $56,429.
February 27, 2024 | 15:48 Update:
Bitcoin quotes rose above $57,000 and settled at $57,300.
15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.
Ethereum is trading around $3,300, but the asset has not yet been able to overcome this mark.
15-minute ETH/USDT chart of the Binance exchange. Data: TradingView.
According to CoinGeckothe capitalization of digital gold exceeded $1.1 trillion with a trading volume of more than $49 billion.
The top 10 assets by capitalization entered the “green zone”.
Data: CoinGecko.
According to Coinglassover the last 24 hours the volume of liquidations reached $380 million. $271 million are short positions.
Liquidation map. Data: Coinglass.
GreeksLive said that the Bitcoin pump was accompanied by an increase in medium-term and short-term options on the asset.
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Back in U.S. trading hours, Bitcoin continues to surge past $56,000, just under 20% from its all-time-high, with the rapid rise driving all major term IVs up, with short-term options IVs rising significantly.
The burst has also driven a firestorm in the block market, with more… pic.twitter.com/k3zlAMQvHm— Greeks.live (@GreeksLive) February 27, 2024
“The surge also caused a storm in the block market: more than 50 block orders with a nominal value of over $5 million were placed today. Some of the largest of them were active open positions to buy OTM puts,” experts noted.
According to them, this market phenomenon is relatively rare and has occurred only a few times in history during major bull cycles.
Metalpha senior analyst Lucy Hu said The Blockthat the main reason for the growth can be attributed to the trading volume of spot Bitcoin ETFs, which on February 26 reached a record $2.4 billion.
“The supply is limited, and Bitcoin itself is expected to halving within a few months. But ETF-driven demand appears to be inexorable,” added Keyrock regional head of business development Justin d’Anetan.
Previously, Matrixport allowed Bitcoin to rise to $63,000 in March.
Let us recall that in February, the head of the research department of IntoTheBlock, Lucas Outumuro, named five catalysts for the growth of Bitcoin above $70,000.
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2024-02-27 12:51:52
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