Bitcoin hits an all-time high against both the euro and pound

Crypto News– Bitcoin has reached a new all-time high against both the euro and pound. On Monday, the leading cryptocurrency surged to record levels of €60,447 and £51,736 on Coinbase.

Bitcoin hits an all-time high against both the euro and pound

Over the past 24 hours, Bitcoin has seen a nearly 6% increase, trading at $65,163 as of 5:34 a.m. ET. However, it has not yet surpassed its previous all-time high in U.S. dollar terms, which stood at over $69,000 on Coinbase and was recorded in November 2021.

Meanwhile, the Dollar Index, a crucial gauge of U.S. currency strength against six major rivals, exhibited an upward trajectory last week. Throughout January and February of 2023, it has collectively gained 2.7%.

A recent market report from Grayscale indicates a consistent decrease in U.S. inflation since the beginning of the year, with markets currently anticipating a higher inflation outlook. The analysts at Grayscale remarked, “In general, the current higher U.S. interest rates are likely to be beneficial for the value of the dollar and may have a detrimental impact on Bitcoin.”

An upsurge in liquidations

The bitcoin price surged above $65,000 during early trading on Friday, sparking a rise in liquidations of leveraged bitcoin positions.

The price volatility witnessed in recent hours prompted a significant increase in liquidations, particularly of short positions on centralized exchanges. According to data from CoinGlass, this volatility led to the liquidation of over $80 million worth of bitcoin positions, with the majority, approximately $60 million, being shorts.

Across various centralized exchanges, the broader crypto market experienced more than $160 million in liquidated short positions within the last 24 hours alone, contributing to a total of $251 million in liquidations.

Liquidations occur when a trader’s position is forcibly closed due to insufficient funds to cover potential losses. Such scenarios typically arise when market movements turn adverse to the trader’s position, depleting their initial margin or collateral.

Additionally, the GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has surged by 4.22% to reach 139.68 in the past 24 hours.