Bitcoin made history today by surpassing the $70,000 mark, reaching a new all-time high just as the halving event looms on the horizon.

Binance reported that Bitcoin’s price hit $70,330 earlier today before retracing to around $68,000 at the time of this update.

Traders liquidated long positions totaling $60.4 million as Bitcoin experienced a sharp surge. This uptrend likely prompted traders to start taking profits as the leading cryptocurrency reached its all-time high.

Bitcoin’s price has soared by approximately 60% in the last month, pushing its market capitalization over $1.34 trillion. The surge in Bitcoin’s value is attributed to a significant inflow of capital into American ETFs that directly invest in BTC. Recent data reveals that the cumulative trading volume of spot Bitcoin ETFs has surpassed $100 billion.

Another contributing factor to Bitcoin’s upward trajectory is the impending halving scheduled for April. Following this event, Bitcoin’s mining reward will be halved, potentially impacting its supply and demand dynamics.

Analysts suggest that based on historical trends during previous bull runs, Bitcoin could be on the brink of entering uncharted territory in terms of price. This recent milestone underscores the continued growth and potential of the world’s most popular cryptocurrency.

For more updates and insights on the latest cryptocurrency news, continue exploring Global Crypto News.

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