Bitcoin broke previous records by hitting a new all-time high of $71,092 on the Bitstamp exchange.
This milestone comes as the cryptocurrency market continues to gain popularity and attract significant investment from retail and institutional investors following the approval of a large number of spot Bitcoin ETFs in January.
Before hitting its new high, Bitcoin recorded its highest-ever weekly close at $69,062 on Bitstamp.
At the same time, the price of Ethereum, the second largest cryptocurrency, recently surpassed the $4,000 level.
More than $300 million in liquidations
Recent price volatility has also led to significant market liquidations, with a total of $336.22 million liquidated in the last 24 hours alone, according to CoinGlass data.
The majority of these liquidations were long positions, totaling $224.73 million. Short positions accounted for $111.49 million in liquidations.
Over the past hour, total market liquidations amounted to $39.68 million, demonstrating the high volatility of the cryptocurrency market. The majority of these liquidations came from short positions, totaling $37.65 million. Liquidations of long positions were significantly lower, at $2.03 million.
Over the past four hours, OKX led trading in liquidations, with $19.95 million. Of this, $2.99 million were long positions and a notable $16.96 million were short positions, accounting for 85.03% of its total liquidations. Bitmex followed, with total liquidations amounting to $8.71 million, all of which were short positions. Finally, Binance experienced liquidations totaling $6.74 million, including $2.12 million in long positions and $4.63 million in short positions.