Bitcoin Soars to $24,300, Hits New High for 2023
The world’s largest cryptocurrency, Bitcoin, has surged impressively by over 8% after a period of negative news.
Early on February 16, Bitcoin (BTC) continued its upward momentum, which began the previous evening, and officially returned to the $24,000 level.
BTC started its ascent on the evening of February 15 and steadily climbed through the following hours, eventually recording a significant spike in the early hours of February 16.
The leading cryptocurrency jumped $500 in just half an hour, briefly reaching a 24-hour high of $24,300, marking an 8.5% increase from the previous day. Compared to the low of $21,351 on February 13, BTC has rebounded by 13.8%.
1-Hour Chart of BTC/USDT on Binance at 03:55 AM on February 16, 2023
This new peak for Bitcoin in 2023 surpasses the $24,255 level achieved on February 2. At $24,300, Bitcoin has reached its highest value since August 2022, six months ago.
Bitcoin has made a spectacular comeback following a 10-day decline driven by both macroeconomic and crypto-specific news. The cryptocurrency appeared to hesitate before the January U.S. CPI data, then faced a sharp correction due to negative news regarding regulatory issues in the U.S., particularly involving Paxos and the BUSD stablecoin.
However, as the situation calmed, BTC seemed to regain its upward momentum, reaffirming that the recovery trend which started in early January is still ongoing.
On February 15, Bitcoin's hashrate also set a new all-time high, exceeding 300 TH/s for the first time in history.
JUST IN: #Bitcoin hash rate hits NEW ALL-TIME HIGH
— Bitcoin Magazine (@BitcoinMagazine) February 15, 2023
Surpassing 300 EH/s for the first time ever 🚀 pic.twitter.com/zXjIpuF6xp
Ethereum (ETH) benefited from Bitcoin's recovery, rising 8% to $1,680. However, ETH has yet to reach a new 2023 high, still falling short of the $1,714 target set on February 2.
1-Hour Chart of ETH/USDT on Binance at 03:55 AM on February 16, 2023
Top altcoins are beginning to follow BTC's upward trend, though they have only seen increases of 5-7% so far.
In the past 12 hours, nearly $150 million worth of crypto derivatives were liquidated, with short orders accounting for over 94%.
Value of Cryptocurrency Liquidations in the Past 12 Hours, Data from Coinglass at 03:55 AM on February 16, 2023
