Bitcoin soars above $64,000 then plunges 7%

Bitcoin soars above $64,000 then plunges 7% is profiled by BTW Media because published evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

• Bitcoin’s price surged past $60,000 on February 28th, reaching over $64,300 before a sudden 7% drop to around $59,000.
• Market volatility led to over 180,000 liquidations totalling $741 million, while altcoins showed limited momentum.
• Additionally, MicroStrategy saw a stock price increase and the US spot Bitcoin ETF’s daily trading volume surpassed $7.5 billion, over twice its previous record.

On the evening of February 28, the price of Bitcoin surged back to $60,000, peaking over $64,300 in the early hours of the 29th, marking a 10% increase and hitting a new high since December 2021. However, it suddenly plunged 7% to around $59,000 after reaching the $64,300 peak. As of writing, Bitcoin’s latest price is $61,957.7, with an 8.82% intraday increase.

The sudden price fluctuations left many investors in distress, with over 180,000 liquidations totalling $741 million reported in the past 24 hours, while altcoins lacked momentum, resulting in a noticeable divergence in the market, with Bitcoin’s total market dominance reaching 51.85%.

Also read: Bitcoin surges past $57,000 amid investor influx

The Coinbase platform briefly experienced downtime

During the market volatility, the Coinbase platform briefly experienced downtime, leaving some users unable to access it and showing zero balances for others. According to Cointelegraph data, with Bitcoin reaching nearly two-year highs, its prices against various currencies, including the Japanese Yen, Malaysian Ringgit, Indian Rupee, New Taiwan Dollar, South Korean Won, Chilean Peso, Australian Dollar, Chinese Yuan, South African Rand, Norwegian Krone, and Turkish Lira, have all reached historic highs in recent days.
MicroStrategy, the publicly traded company holding the most Bitcoin globally, saw its stock price rise by 10.46% on Wednesday, with a cumulative 40% increase for the week. The company’s founder and chairman, Michael Saylor, saw his net worth surge by nearly $700 million in three days. Microstrategy currently holds approximately 193,000 Bitcoins valued at nearly $11.8 billion.

As of Wednesday’s close, the daily total trading volume of the US spot Bitcoin ETF exceeded $7.5 billion, more than twice the previous record high, with BlackRock leading with a trading volume of $3.2 billion.

Recently, Bitcoin prices have seen consecutive increases, with industry insiders generally attributing the surge to the upcoming Bitcoin halving event after the positive effects of the Bitcoin spot ETF gradually dissipate.

There are three Bitcoin halving events previously

Bitcoin halving, where block rewards are halved, reduces Bitcoin’s inflation rate significantly. Looking back at previous halving events, the first halving occurred in November 2012, with Bitcoin’s price starting to rise six months before the halving, even reaching a 40% increase in July of that year. However, a month before the halving, Bitcoin experienced a 10% drop, followed by five consecutive months of increase after the halving.

The second halving occurred in July 2016, with Bitcoin’s price starting to rise three months before the halving and experiencing two months of consecutive decline after completion before resuming its upward trajectory.

The third halving occurred in May 2020. Unlike the previous two halvings, Bitcoin experienced four months of decline in the six months leading up to the halving. However, after a brief drop following the halving, Bitcoin’s price embarked on eight consecutive months of surges.