Bitcoin Surges to Nearly $80K; 130,000 Traders Liquidated
Bitcoin approaches $80K, marking a 16% weekly surge, with over 130,000 traders liquidated, highlighting volatility in the crypto market.
Bitcoin has skyrocketed to an all-time high close to $80,000, marking a remarkable 16% increase over the past week. This surge has resulted in the liquidation of over 130,000 traders, predominantly those holding short positions.
Recent Price Movements and Market Dynamics
Just a week ago, Bitcoin struggled to maintain the $70,000 mark, even dipping below $67,000. However, following the release of US presidential election results early Wednesday, Bitcoin surged past $70,000, breaking its previous high of $73,737 from March. The rally propelled it to over $75,000 on Wednesday and $77,000 by Friday, eventually reaching $79,900 on Bitstamp.
Impact on Traders and Liquidations
Despite a slight retracement, Bitcoin remains above $79,000, having gained over 15% in the past week. The rapid rise has particularly impacted over-leveraged short traders, with liquidated positions totaling nearly $400 million. The largest single liquidation occurred on Binance, valued at over $13 million.
Altcoin Performance
In addition to Bitcoin's impressive gains, many altcoins have also seen substantial increases, including ADA (32%), CRO (25%), and SUI (24%), further indicating a bullish trend in the cryptocurrency market.
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