Bitcoin’s value surged past the $70,000 milestone on Tuesday, reaching a peak of $71,031 on Bitstamp. This represents a nearly 3% increase within the past 24 hours, adding approximately $1,891 to its overall worth.
Bitcoin’s price remained stable above $70,000 as of 1:05 p.m. EDT on June 4, 2024. It reached a daily high of $71,031 and is currently hovering slightly above $70,600. This significant boost of almost 3% equates to a 4.4% gain against the U.S. dollar over the past week. Trading volume also experienced a notable increase, rising from $10 billion in the early morning to $28.70 billion by midday.
Interestingly, the South Korean premium, which was previously higher, has now decreased. Currently, the price of BTC in won on Upbit and Bithumb stands at around $70,903, slightly higher than the global average of $70,653 at 1:05 p.m. EDT. This indicates that the premium in South Korea is less than 1%, specifically 0.353%. The South Korean won remains the second most popular fiat currency for BTC trades, accounting for 1.42% of all transactions.
According to data from coinglass.com, approximately $46.09 million in crypto short trades were liquidated in the past day, with $26.43 million of that being bitcoin short positions. In addition, there were $11.66 million in liquidations for several altcoin longs, resulting in a total of $39.27 million in long positions being liquidated within the last 24 hours. Coinglass also reports that 41,053 traders faced liquidation in the past day, with the largest single liquidation being a BTC trade valued at $707,320 on Okx.
What are your thoughts on the recent surge in bitcoin’s price on June 4? Feel free to share your opinions and perspectives in the comments section below.
