Bitcoin Hits All-Time High of $69,200 Before Going Down To $65k Levels

Bitcoin has surged beyond its previous record, achieving an all-time high of $69,200 before falling to $65k levels. This marked a remarkable milestone, eclipsing the peak it reached in November 2021.

Besides showcasing Bitcoin's price surge, the new record also highlighted its rising market capitalization, which stood at $1.35 trillion. Furthermore, this figure is comparable to the global value of silver.

The significance of Bitcoin's surge extends beyond US dollars. The cryptocurrency has also achieved all-time highs against various other currencies, including the Australian dollar, Canadian dollar, euro, and British pound. 

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ETFs Propel Bitcoin

The surge in Bitcoin's value is attributed, in part, to the introduction of several US Bitcoin spot ETFs in January. These ETFs have paved the way for institutional investment opportunities previously unavailable in the cryptocurrency space. The launch of these funds has opened new avenues for investors, influencing Bitcoin's trajectory towards its historic high. 

The surge in Bitcoin's value has not been without market dynamics. More than $306 million worth of derivatives positions, predominantly long positions, have been liquidated in the past four hours. 

Worth noting, that Deribit's bitcoin volatility index (DVOL) has witnessed a substantial surge, reaching the highest level since November 2022. According to TradingView, the 30-day implied volatility index soared from 41% to 76% in a month, reaching levels not seen since November 2022. 

As of the latest update, Bitcoin is priced at $64,310.