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The price of bitcoin (BTC) climbed above the $70,000 mark on Tuesday, hitting an intraday peak of $71,031 on Bitstamp. This marks a nearly 3% increase over the past day, adding approximately $1,891 in value since the 24-hour low.
Bitcoin’s Price Stabilizes Above $70,000
Bitcoin remains steady above $70,000 at 1:05 p.m. EDT on June 4, 2024. Before this, BTC reached a daily high of $71,031, and at the time of writing, it is hovering just above $70,600. This near 3% boost gives BTC a 4.4% gain against the U.S. dollar over the last week. Trading volume rose from $10 billion in the early morning to $28.70 billion by midday.
Interestingly, the notorious South Korean premium was higher last week but has decreased, with current BTC prices in won on Upbit and Bithumb around $70,903, compared to the global average of $70,653 at 1:05 p.m. EDT. This indicates the premium in South Korea is less than 1%, specifically 0.353%. The South Korean won remains the second most popular fiat currency traded with BTC after the U.S. dollar, capturing 1.42% of all BTC trades.
Data from coinglass.com over the past day shows that $46.09 million in crypto short trades were liquidated, with $26.43 million being bitcoin (BTC) short positions. Additionally, several altcoin longs experienced $11.66 million in liquidations, totaling $39.27 million in long positions liquidated in the last 24 hours. Coinglass also reports that 41,053 traders were liquidated over the past day, with the largest single liquidation being a BTC trade valued at $707,320 on Okx.
What do you think about the rise in bitcoin’s price on June 4? Share your thoughts and opinions about this subject in the comments section below.
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