After setting a new peak in 2024 at $64,000, Bitcoin immediately corrected sharply, causing many altcoins to wobble.
The cryptocurrency market in the past 24 hours has seen Bitcoin record a growth of more than 12%, from $57,000 to $64,000 - a new 22-month peak.
This is the first time since November 2021 that BTC has come closest to the ATH peak of 69,000 USD, as well as marking one of the most successful February transactions in the history of the market's leading cryptocurrency.
The rising momentum of BTC, as reported by Coin68 recently, comes from the optimistic sentiment of the investment community thanks to stable buying pressure from Bitcoin spot ETFs. Accordingly, even though only half of the trading session on February 28 (US time), the volume of 9 newly launched Bitcoin ETFs has reached 2.6 billion USD, breaking the previous record of February 26.
However, as soon as it reached the milestone of 64,000 USD, BTC price was sharply adjusted to 58,700 USD, before recovering to the area of 61,000 USD at the time of update.
The above fierce dump caused many altcoins to be heavily affected, most notably ETH when it fell from a peak of 3,488 USD to 3,176 USD in just a split second, then rebounded along with BTC.
A series of violent market fluctuations has caused many exchanges to encounter errors, most notably Coinbase when displaying the balance of many users as zero. CEO Brian Armstrong had to speak up to admit the problem due to storage. The floor traffic is too large and claims to be fixing it.
Liquidation data shows that in the past 1 hour, more than 250 million USD in derivative orders were burned, while this number in the last 12 hours reached nearly 600 million USD. The largest share is still BTC, followed by other altcoins, then ETH. Both long and short sides have similar losses.
