Over $1B in Liquidations as Bitcoin Surges to 2-Month High Above $69K
After weeks and weeks of sideways movements without any clear signs of a breakout in either direction, the crypto market is finally on the move.
Bitcoin led the charge with a massive surge that drove it to its highest price tag since the middle of June at just over $69,000.
Recall that BTC dipped below $63,000 at the end of the previous business week before it found some support and recovered to $63,000 during the weekend.
It started to show revival signs on Monday and Tuesday, but todayโs increase is the most impressive in months.
Ethereum has soared past $2,000 for the first time in months as well, and has even tapped the $2,100.
XRP has finally rebounded above the key $1 support after dipping below it on a couple of occasions last week.
The liquidations are also on the rise given the sharp movement. Data from CoinGlass shows that $1.2 billion worth of leveraged positions has been wrecked in the past hour alone.
Naturally, the lionโs share is from shorts, as they are responsible for $1.14 billion out of the total.
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