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Bitcoin reached a new all-time high of $69,990 on the Binance exchange about an hour ago. On Binance futures, BTC approached $70,330. Ethereum surpassed $4,000 on Binance futures, confirming our recent prediction that cryptocurrency prices could rise.
Why Are Cryptocurrencies Surging?
The fundamental reason for today’s surge, as we mentioned before Bitcoin started its upward movement, was U.S. macroeconomic data. Bitcoin and ETH turned upwards following strong unemployment figures and the anticipated annual wage increase.
Another significant factor is that spot Bitcoin ETFs have now exceeded the $100 billion threshold in cumulative volume. Very few U.S. ETFs have seen $100 billion in cumulative volume within about 2 months. The BlackRock spot Bitcoin ETF, IBIT, reached nearly $600 million in volume about 50 minutes after the market opened today.
Approximately 1.5 hours after the U.S. market opened, the volume of IBIT was on the verge of reaching $1.5 billion.
While we watched the total volume of ETFs exceed $1 billion on the first day with excitement, a daily cumulative volume of $10 billion has now become the norm. This is the biggest evidence of the new Bitcoin bull market backed by traditional finance.
Current Status of Bitcoin and Ethereum
There has not been a significant liquidation in futures. The total liquidation across all pairs was about $100 million in the last hour. This is because after BTC dropped to $59,000 and then recovered, the long positions did not increase as much as expected. Investors remained cautious, not wanting to be caught in a similar rapid decline.
However, BTC has not seen a worrisome drop for now. The price, which fell to $67,000, is struggling to reclaim the $68,000 region. If we recall from historical data, after breaching the previous all-time high and seeing a new one, the price can make quick recoveries in such pullbacks. It’s also going to be a very active day for altcoins.
Especially if Bitcoin remains strong as it is now, altcoin rises are likely to continue over the weekend. And of course, no one can see the future, so you should do your own research and take positions accordingly.
