- Bitcoin reaches a new record high, surpassing $116,000.
- The price gains 4.8% in the last 24 hours, according to Coinbase.
- Over $560 million in cryptocurrency positions are liquidated within an hour, mainly from short positions.
- Bitcoin short liquidations total $425 million in the same period, based on CoinGlass data.
- Total crypto liquidations over 24 hours amount to $912 million, including $542 million in Bitcoin shorts.
Bitcoin surged to a new all-time high above $116,000, trading at $116,734 today. The cryptocurrency’s rapid increase broke previous records set just under $112,000 over recent days.
The price jump amounted to a 4.8% rise in 24 hours, according to Coinbase data. This jump comes after weeks of prices holding just below earlier peaks.
During this period, the market saw widespread liquidations, which occur when traders are forced to close positions due to insufficient funds after sudden price changes. CoinGlass reported more than $560 million worth of crypto positions were liquidated in the last hour, mostly from traders who bet against Bitcoin rising (shorts). “Bitcoin shorts accounted for over $425 million of those liquidations, with all but about $5 million stemming from short positions,” according to the data.
Over the last 24 hours, total crypto market liquidations hit $912 million. Of this amount, $542 million resulted from short positions betting against Bitcoin’s recent upward trend.
These liquidations reflect increased volatility as prices move sharply after a period of relative stability. The surge in forced closures of short positions contributed to the rapid price gains seen throughout the day.
Editor’s note: This story is ongoing and will be updated as more information becomes available.
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