• Bitcoin price neared $85,000 for the first time, setting a new all-time high of $84,929
• Crypto liquidations topped $684 million in the past 24 hours, with $354 million from long positions and $330 million from short positions
• MicroStrategy purchased an additional 27,200 BTC for $2 billion, bringing its total Bitcoin holdings to 279,420 BTC worth $23.8 billion
Bitcoin has continued its remarkable surge this week, smashing past $84,000 for the first time ever. The dramatic price increase has fueled enormous gains across the crypto market, but also led to massive liquidations for traders betting the wrong way.
Bitcoin Approaches $85,000 Milestone
As of Monday morning, Bitcoin’s price sits at $84,418 after reaching as high as $84,929 per CoinGecko. While Bitcoin has pulled back slightly from its new all-time high, it remains up over 6% on the day and 23% over the last week, according to Coinbase data. The leading cryptocurrency came within $2 of touching $85,000 late Monday morning based on CoinGecko’s data.
Over $680 Million Liquidated Across Crypto Market
The fast rise of Bitcoin and other major cryptocurrencies has been a boon for many traders, but a disaster for those betting the wrong way. According to CoinGlass, liquidations over the past 24 hours total a massive $684 million across the crypto market. That includes approximately $354 million worth of long positions that were smashed, along with $330 million in short positions betting on prices to fall.
Bitcoin has been responsible for the largest share of liquidations at $189 million, including a single $156 million short position liquidated late Sunday on OKX exchange. Ethereum follows with $102 million worth of liquidations over the past day.
Conclusion
The dramatic surge in crypto prices has fueled intense optimism and greed, but also led to tremendous losses for some traders caught on the wrong side of the rally. As Bitcoin continues pushing into uncharted territory, market volatility is likely to remain exceptionally high.
