- Bitcoin price recorded a new high after breaking the November 2021 high of $69,000 and recording a new high of $69,300.
- Spot Bitcoin ETF volume soared and smashed $10 billion in trading volume on Tuesday, while Blackrock led with the numbers.
- The bitcoin price stumbled right after recording its all-time high, but currently, it has recovered half of its losses.
The US Bitcoin ETFs witnessed a busy Tuesday after the total volume recorded a new high of $10 billion and therefore surpassing the previous high of $7.7 billion on March 5. However, Bitcoin saw a deadly downturn right after the price hit and broke the November 2021 high of $69k and recorded a new all-time high at $69,324 on Tuesday.
The projection of Bitcoin’s price was highly fueled by the spot Bitcoin ETF volumes. The BlackRock ETF recorded the highest volume hitting a record $3.7 billion, followed closely by Grayscale Bitcoin Trust (GBTC), which recorded $2.8 billion, and FBTC (Fidelity Wise Origin Bitcoin Fund). According to Bloomberg Spot Bitcoin ETF analyst Eric Balchunas on his X account, “These are banana numbers for ETFs under 2 months old.”
In recent weeks, the demand for Spot Bitcoin ETFs has been high, accelerating the Bitcoin bullish market to a new all-time high. The Spot Bitcoin ETF has played a major role in the history of Bitcoin; however, nobody currently knows what is next in the market since historical charts mostly guide traders. On Tuesday, Bitcoin soared past the previous high before it was strongly rejected by bears to decline its price by 10%. The price of the asset declined from $69,300 to $59,000.
However, the market is currently making a comeback after trading half of its loss overnight. The price is back on track after gaining almost 3% of its loss. At the time of writing, the asset was trading at $65,900 with a trading volume of -1.31% in the last 24 hours. The sharp price decline is a clear indication that the price of the asset is volatile. However, the current market is still bullish, and speculation of breaking the $70k zone is still valid.