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Bitcoin Hits New ATH: Surpasses $71K and Triggers Over $350M in Liquidations

In an unprecedented surge, Bitcoin has shattered all previous records, reaching a new all-time high of $71,658 on the Binance exchange. This historic milestone underscores the growing mainstream acceptance of cryptocurrencies and marks a significant influx of investment from both retail and institutional investors. The catalyst for this remarkable rally appears to be the recent approval of several spot Bitcoin Exchange-Traded Funds (ETFs) in January, which has bolstered investor confidence.

Prior to this new peak, Bitcoin had already made headlines with its highest weekly candle close ever, recorded at $69,062 on Binance. Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalization, has also made waves by surging past the $4,000 threshold.

BTC/USDT 4 hour-chart on Binance | Source: TradingView

However, this period of intense growth has not come without its challenges. The market’s recent volatility has triggered substantial liquidations, with CoinGlass reporting a staggering $358 million wiped out in just 24 hours. The majority of these were long positions, amounting to $224.73 million, while short positions contributed to $111.49 million of the total liquidations.

This dynamic shift in the cryptocurrency landscape is a testament to the sector’s resilience and potential for future growth. As digital currencies continue to evolve, they pave the way for a new financial paradigm, promising both opportunities and challenges for investors worldwide.

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