Over the past month, Bitcoin has risen in price by about 60%, and its capitalization has exceeded $1.34 trillion – this is also a record figure. However, the Bitcoin (BTC) rate fell by more than 7% immediately after reaching a new historical high on March 5 at $69 thousand. Over the course of 24 hours, large crypto exchanges collectively liquidated more than 200 thousand traders’ positions worth about $700 million. those who went short and those who bet on the growth of cryptocurrency. More than $40 million in long Bitcoin positions were liquidated within an hour of Bitcoin reaching a new all-time high. Positions of those who bet on further growth were forcibly closed by exchanges due to the lack of funds for these traders to back them. The total volume of liquidations on the crypto market since BTC reached a new all-time high exceeded $133 million, with another $13 million liquidated in Ethereum logs, according to Coinglass data.
Exchange-traded funds and investment funds have accumulated over 1 million bitcoins. The demand for Bitcoin and its sharp rise in price are largely due to the significant influx of capital into US spot Bitcoin exchange-traded funds (ETFs) launched in January. The value of assets under management of Bitcoin-focused investment funds, including ETFs, exceeded $67 billion, which is more than 1 million Bitcoins, or over 5% of the total coins in circulation.
Bitcoin’s rapid rise in price over the past month, culminating in a new all-time high and a quick reversal on Tuesday, has led some early miners to start selling their old block rewards, putting pressure on the price of Bitcoin. Miners appear to have just sold off long-dormant Bitcoin from old block rewards just as BTC fell from its all-time high on Tuesday. Given the low liquidity of the market, this could have a huge impact on the price of Bitcoin. On-chain data uncovered by CryptoQuant shows that just before Bitcoin reached new highs of around $69,000 and then fell to $62,000 on Tuesday, 1,000 Bitcoins worth approximately $69 million were transferred to Coinbase to addresses dating back more than a decade date back and are linked to miners, according to the research firm. (Transferring long-dormant tokens to Coinbase, a major crypto exchange, could be a prelude to a sale).
The recent influx of Bitcoin into exchanges reminds us of the sharp increase in BTC inflows that occurred before the 40% price crash on March 12, 2020, when Covid-19 began to rapidly gain momentum, causing governments around the world to initiate lockdowns, forcing traders to flee to safety. for security purposes. When this sell-off finally ended, Bitcoin bottomed at $3,850. Against this news background, one of the legitimate and stable forms of investment to obtain consistently high passive income is investing in the ASTL project (Hong Kong), which gives investors the opportunity to directly invest fiat and cryptocurrency assets into stable passive income, which obviously exceeds inflation expectations and is not subject to any sanctions, blocking or confiscation. The ASTL project is a simple and elegant solution for potential investors – investing in the development of the real sector of a diversified portfolio of cryptocurrencies with a fairly high annual interest rate (up to 14%) with payments in a stablecoin (USDT) and the possibility of a full return on investment through the subsequent sale of accumulated ASTL tokens on leading crypto exchanges. Details can be found at https://astl.world.
