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Bitcoin hits $64,000 before sharply retreating as Coinbase crashes


Bitcoin price crossed the $64,000 mark on Wednesday February 28, to hit its highest level since October 2021. The top cryptocurrency’s value rose more than 12% in the 24 hours to hit highs of $64,100 on Coinbase.

However, prices fell sharply to touch lows of $58k as $100 million in BTC liquidations hit the market in one hour. Over the past 24 hours, total liquidations across the crypto market reached over $630 million – with Coinglass data showing short sellers rekt for over $355 million and longs for $280 million.

The $6,000 dip happened as users reported problems with their Coinbase accounts – balances showed $0. Coinbase support did acknowledge the problem and BTC price swiftly moved back above $60k. Prices hovered near $61,300 at the time of writing.

What next for Bitcoin?

BTC, which has jumped nearly 50% in the past 30 days, spiked to the multi-year high to come within 5% of its all-time high of $69,000. At today’s peak, Bitcoin had doubled from levels seen in October 2023 when it broke above the $30,000 level.

The momentum that carried bulls high this week has coincided with a massive influx of money into spot Bitcoin ETFs. The SEC’s approval of spot ETFs in January helped push BTC above $50k and the record volumes seen this week have added to the impetus.

Only this week, BlackRock’s IBIT recorded a staggering $1.3 billion in volume.  

The market anticipates Bitcoin price may pull back ahead of the halving. However, once the shorts





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