The cryptocurrency market collectively "surges", Bitcoin's largest daily increase exceeds 10%, and nearly 70,000 people liquidate their positions

Bitcoin, which has been dormant for many days, suddenly experienced a surge.

On February 27, the price of Bitcoin once exceeded 57,000 US dollars per coin, a new high in two years, and the market value of Bitcoin has also exceeded one trillion US dollars. At the same time, the cryptocurrency market has collectively surged, with nearly 70,000 people liquidating their positions in the past 24 hours.

Bitcoin surges

On February 27, Bitcoin once exceeded US$57,000 per coin, with the largest increase in the day exceeding 10%, setting a new high since December 2021.

At the same time, the cryptocurrency market collectively surged today, with Ethereum, Dogecoin, BNB, etc. all rising sharply.

Data shows that nearly 70,000 people liquidated their positions in the past 24 hours, with a total liquidation amount of US$367 million.

The giant takes action

Largely increase the position of 3,000 Bitcoins

On February 26, local time, Microstrategy founder Michael Saylor posted that Microstrategy once again purchased approximately 3,000 Bitcoins at a price of approximately US$155.4 million between February 15 and February 25. The average price of each Bitcoin was The price is approximately US$51,813. The move further boosted optimism about Bitcoin.

It is reported that Microstrategy is the listed company that holds the largest number of Bitcoins in the world, which brings the company’s total Bitcoin holdings to approximately 193,000, worth over 10 billion US dollars.

In addition, the recent strong performance of Bitcoin is also related to the approval of the listing of Bitcoin spot ETF.

On January 10, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs and authorized 11 ETFs to begin listing and trading on January 11. Approved spot Bitcoin ETF issuers include Grayscale, iShares, Ark 21Shares, Invesco Galaxy etc.

Since then, the price of Bitcoin has started to rise sharply, the trading volume of Bitcoin ETF has set a new historical record, and the market value of Bitcoin ETF has soared. According to coinglass data, the total market value of Bitcoin ETFs (including spot and futures ETFs) has exceeded US$40 billion.

CITIC Securities stated that this time the SEC has standardized the trading methods of cryptocurrency to a certain extent through the Bitcoin ETF. It is expected that the cryptocurrency market, which was dominated by retail investors in the past, will undergo certain changes, and more liquidity is expected to bring about the popularity of cryptocurrency. Short-term prosperity in the first half of 2024. For cryptocurrency exchanges, the launch of Bitcoin ETF will have a certain impact on their original trading commission income, and will have a greater impact on small exchanges that rely on commissions for a living. However, for large exchanges, as the spot custodians of ETFs, it is expected that the lost trading commissions will be compensated to a certain extent from the custody services, and they will benefit from the increase in the value of the trading currency in the long term.

Related concept stocks performed actively

Affected by the news of the surge in Bitcoin, the digital currency sector of Hong Kong stocks was collectively active on February 27. OSL Group rose by more than 25% during the session, Xiong'an Technology rose by more than 11%, and Meitu Company, Xinhuo Technology Holdings, etc. followed suit. .

In addition, U.S. blockchain concept stocks rose collectively before the market opened. CleanSpark rose by more than 11%, and Marathon Digital, Canaan Technology, Coinbase, etc. also rose.