Bitcoin Climbs Above $70,000, Marking a Stellar Recovery

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On Monday, bitcoin’s value soared back to the $70,000 mark after a decline to just under $60,000 the previous week. Over the last 24 hours, its value against the U.S. dollar has increased by 7%, reaching a peak of $70,645 for each unit.

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Bitcoin’s Swift Comeback

For the first time since March 14, 2024, bitcoin (BTC) has risen above the $70,000 benchmark, marking 11 consecutive days of this achievement. Its price has climbed more than 7% in the past day and has seen a 4.2% increase over the past week. With its current value, bitcoin’s market cap has hit $1.38 trillion, accounting for 52% of the entire $2.64 trillion cryptocurrency market economy.

Bitcoin Climbs Above $70,000, Marking a Stellar Recovery

Currently, BTC is a mere 4.8% shy of breaking its all-time high of $73,794 set on March 14, 2024. Today’s peak price of $70,645 per unit represents a significant recovery from its low of $64,568 per BTC during the day’s trade. Bitcoin dominates $42 billion of the day’s $120 billion in global trade volume.

The recent ascent in BTC’s price has triggered $34.12 million in liquidations over the past four hours and $41.62 million across the last 12 hours, exclusively from short positions. In the past day, BTC short positions totaling $77.8 million have been eliminated.

What do you think about bitcoin rising back to the $70,000 range? Share your thoughts and opinions about this subject in the comments section below.

Source: news.bitcoin.com.

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