- Traders shorting Bitcoin and Ethereum are facing significant losses
- Bitcoin reached a record-breaking price of $107,822 on Monday
- Ethereum climbed to its highest level since 2021, pushing liquidation totals into the hundreds of millions
Traders shorting Bitcoin and Ethereum are facing significant losses as both cryptocurrencies surge to new heights. Bitcoin reached a record-breaking price of $107,822 on Monday, while Ethereum climbed to its highest level since 2021, pushing liquidation totals into the hundreds of millions.
Bitcoin Soars to New All-Time High
Bitcoin continued its upward momentum on Monday, peaking at $107,822 around 1:30 PM ET, according to CoinGecko. This milestone follows Sunday’s breakout, which saw Bitcoin surpass its previous record of $104,000 set earlier in December.
BTC initially crossed the $100K threshold earlier this month, with Sunday’s rise to $106,352 marking a new high before being eclipsed again on Monday. As of writing, Bitcoin’s price has slightly cooled to $106,202, reflecting a 3% daily gain and an 8.5% increase for the week.
Ethereum Reaches 2021 Highs
Ethereum also saw notable gains, climbing to $4,081 just before 2 PM ET on Monday. This marks the highest price recorded since December 2021, narrowly exceeding peaks from earlier this year in March and December.
Despite a slight dip to $4,041 at the time of writing, Ethereum remains up over 3% on the day. However, it is still trading 16% below its all-time high of $4,878, set in November 2021.
Record Liquidations for Short Traders
Bitcoin’s surge has inflicted significant losses on traders holding short positions. According to CoinGlass, $133 million worth of Bitcoin short positions were liquidated in the past 24 hours.
Ethereum shorts faced a similar fate, with nearly $68 million liquidated during the same period. Total liquidations across all cryptocurrencies amounted to $489 million over the past day, with $177 million tied to Bitcoin and $97 million to Ethereum, including long positions.
Bitcoin and Ethereum’s record-breaking rallies continue to squeeze short traders, generating substantial liquidations across the market. With institutional demand and growing momentum, both assets remain key players in the evolving crypto landscape.
