Bitcoin’s Price Approaches $80K, Millions Liquidated in Hours
Bitcoin’s price reached nearly $79,500 moments ago, causing all sorts of reactions across the crypto community. This brings its total gains for the past 24 hours to slightly more than 13%.
The parabolic move has been mirrored across most of the altcoin market, with many large-cap cryptocurrencies bringing outsized gains throughout the past week. Just today, Ripple’s XRP exploded by 25%, for example.
The price has since retraced to slightly below $78K. In any case, volatility has led to severe liquidations for yet another day across derivatives markets. Data from Coinglass shows that, in the past hour alone, total liquidations surpassed $330 million, the bulk of which came from short traders – somewhat expectedly.
Total liquidations over the past 24 hours are approaching $1.5 billion, making this yet another historic day in the market. Most of the liquidations are also associated with Bitcoin positions – about $825M at the time of this writing. Binance leads in terms of exchanges, with Hyperliquid reporting about
