Bitcoin Surpasses $72K Amid Surge in Global Trade Volume

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On Tuesday, bitcoin cracked past the $72K mark, inching closer to its all-time high in U.S. dollar terms.

Bitcoin Surpasses $72K Amid Surge in Global Trade Volume

Bitcoin Price Rally Nears Peak, Traders See Liquidations in Millions

Hitting an intraday high of $72,827, bitcoin surged 5.5% over the past 24 hours. As of 12:15 p.m. EDT, BTC is holding steady around $72,524 per coin. This rally positions BTC 5.5% higher today, 7.3% this week, and up 10.2% over the past month. Notably, today’s rise above $72K is the highest since April, leaving bitcoin just shy of its March 14 record high of $73,794 by less than 2%.

Bitcoin’s performance in the final quarter is up 13.85%, according to coinglass.com data, which also highlights that the push above $72K triggered $232.12 million in liquidations across crypto derivatives markets, with $189.15 million in short trades, including $89.82 million in BTC shorts over the past 24 hours. Tuesday saw 61,602 traders liquidated across crypto derivatives. After Monday’s global trade volume soared more than 80% over Sunday, today’s volume climbed another 53.81%.

The latest rally toward bitcoin’s peak reflects a surge in market activity, driven by substantial liquidations and a rise in global trade volume. With bitcoin’s price gaining nearly 14% this quarter, speculation is building about whether this momentum will propel the asset past its previous high. As recent data shows a renewed interest from investors and short-sellers alike, bitcoin’s upward trend could set the stage for new patterns as year-end approaches.

Source: news.bitcoin.com.

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