Bitcoin's price surged above $70,000 on Tuesday, reaching a peak of $71,031 on Bitstamp. This represents a nearly 3% increase in value over the past day, adding approximately $1,891 to its price since hitting the 24-hour low.
As of 1:05 p.m. EDT on June 4, 2024, Bitcoin remains stable above the $70,000 mark. It is currently hovering just above $70,600, following its daily high. This recent boost has allowed Bitcoin to gain 4.4% against the U.S. dollar over the past week. Trading volume also saw a significant increase, rising from $10 billion in the early morning to $28.70 billion by midday.
Interestingly, the South Korean premium, which was higher last week, has now decreased. The current Bitcoin prices on Upbit and Bithumb in South Korea are around $70,903, slightly higher than the global average of $70,653 at 1:05 p.m. EDT. This indicates that the premium in South Korea is less than 1%, specifically 0.353%. The South Korean won remains the second most popular fiat currency traded with Bitcoin, accounting for 1.42% of all BTC trades.
According to data from coinglass.com, $46.09 million in crypto short trades were liquidated in the past day, with $26.43 million specifically in Bitcoin short positions. Additionally, several altcoin longs experienced $11.66 million in liquidations, resulting in a total of $39.27 million in long positions being liquidated within the last 24 hours. Coinglass also reports that 41,053 traders were liquidated during this period, with the largest single liquidation being a BTC trade valued at $707,320 on Okx.
What are your thoughts on the rise in Bitcoin's price on June 4? Feel free to share your opinions and thoughts on this matter in the comments section below.