Bitcoin Stabilizes Near $63,400 After Volatile Intra-Day Swings

Bitcoin's price stabilized near $63,400 on Wednesday after experiencing sharp intra-day swings between $63,317 and $64,400. The market capitalization remained unchanged at $1.27 trillion.

The cryptocurrency traded mostly below $63,800 from Tuesday afternoon to early Wednesday morning but surged past $64,000 around 5 a.m. EST, reaching a daily peak of just over $64,400 before plummeting back down to $63,317. Bitcoin rebounded to just above $63,400 and remained there.

The flat price action is rare for an asset considered one of the most volatile in recent years. Despite this, the derivatives market saw subdued liquidations at $32.3 million, with long bets accounting for $20.5 million of the total.