Bitcoin hits new all-time high, surpasses $70k

Bitcoin broke through the $70,000 barrier today, setting a new all-time high in price and reaching the milestone as the halving approaches.

Binance displayed Bitcoin’s (BTC) price reaching $70,330 earlier this morning. At the time of writing, it had retraced to the $68,000 level.

According to CoinGlass data, traders liquidated long positions worth $60.4 million against the backdrop of a sharp increase in BTC. Presumably, traders began to record profits against the backdrop of the growth of the first cryptocurrency to the all-time high (ATH) level.

Over the past month, Bitcoin’s price has risen by about 60%, and its capitalization has exceeded $1.34 trillion. The rise in the cryptocurrency rate is explained by a significant influx of capital into American ETFs investing directly in BTC. According to the latest data, spot Bitcoin ETF cumulative trading volume crosses $100 billion.

Another growth factor is the halving, which is expected in April. After that, the mining reward of Bitcoin will be split in half.