BTC Hits 65K Dollars: What does the Crypto Market Say?

Crypto News – In relation to the euro and pound, Bitcoin has reached an all-time high. The top cryptocurrency in the market hit all-time highs of €60,447 and £51,736 on Coinbase on Monday.

BTC Hits 65K Dollars: What does the Crypto Market Say?

At almost $69,000 on Coinbase in November 2021, Bitcoin’s all-time high in US dollars has not yet been surpassed. There was an upward trend last week in the Dollar Index, a crucial measure of the strength of the US dollar relative to six major competitors. Over the months of January and February 2023, it increased by 2.7% overall.

Markets are already discounting a higher inflation outlook, according to recent Grayscale market research, which notes that U.S. inflation has been steadily declining since the start of the year.

Generally speaking, the current higher U.S. interest rates are likely to be positive for the value of the dollar and could be negative for Bitcoin,

the Grayscale analysts

Bitcoin’s $65K Surge Increases Liquidity

During Friday’s early trade, the price of Bitcoin jumped over $65,000. Liquidations of leveraged bitcoin investments have increased as a result of price volatility. Significant liquidation of short bets on centralized exchanges resulted from the price rise of the previous day.

CoinGlass data shows that over $80 million worth of Bitcoin positions were liquidated as a result of the volatility, with the bulk ($60 million) being shorts. Over $160 million in short positions were liquidated on the last day in the cryptocurrency market as a whole, which helped fund $251 million in liquidations on many controlled exchanges.