Bitcoin Price Nears $85,000 as Crypto Liquidations Top $680 Million

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Decrypt
11-12

Bitcoin has continued its scorching surge into Monday morning, rising within striking distance of $85,000 for the first time. And amid the fast-moving market, with many cryptocurrencies pumping right now, traders are bombing out on futures bets, with liquidations hitting $684 million over the past 24 hours.

As of this writing, Bitcoin's new all-time high mark sits at $84,929, per CoinGecko, though the price has dipped slightly to $84,418 at present. Even so, BTC is up over 6% on the day and 23% over the last week. Coinbase data shows that the price of Bitcoin came within $0.02 of hitting $85,000 late Monday morning, though CoinGecko doesn't show quite as close of a call.

Bitcoin had held an all-time high price mark of $73,737 from March through to Election Day last week, but broke that barrier as Donald Trump started wrapping up his win. Now the leading cryptocurrency has added more than $11,000 to that record.

Nearly every major cryptocurrency has seen sizable gains over the last week, with Dogecoin (DOGE) up 103% at $0.32, Cardano (ADA) rising 83% at $0.60, and Solana climbing by 36% to approximately $220.

It's mostly up for crypto prices this week, but interestingly, liquidations over the past 24 hours span an array of long and short positions. CoinGlass shows $685 million worth of liquidations across the market over the last day, including about $354 million in long positions (betting on the price to go up) and smashed shorts at $330 million.

Bitcoin has caused the most damage, with $189 million worth of liquidations—including a single $15.6 million short position on OKX that was zapped late Sunday. Ethereum is the second-largest source of liquidations at $102 million.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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