Bitcoin Surges to $93K
The price of Bitcoin reached over $93,000 early Monday, reversing losses from the previous week. This fluctuation came amid President Donald Trump’s announcement regarding the U.S. strategic reserve.
Key points to note:
- Bearish bets on Bitcoin and other major cryptocurrencies accumulated losses nearing $600 million.
- Futures tied to cryptocurrencies like ADA, XRP, and SOL saw over $70 million in liquidations each, the highest since September 2024, according to Coinglass data.
Sunday’s trading typically exhibits less liquidity, which can result in more pronounced price movements as fewer funds are needed to drive asset changes.
In the past 24 hours, Cardano (ADA) surged by 60%, while Solana (SOL) and XRP saw increases of 25% and 9% respectively.
Liquidation of risky positions arises when an exchange forcibly closes a trader’s leveraged position due to insufficient funds to maintain the trade. High liquidation rates can indicate potential market reversals, making them pivotal for traders to monitor.
The interest in open futures has surged by nearly 40% for XRP, ADA, and SOL as traders prepare for continued volatility. Many market participants had anticipated a potential downturn amidst macroeconomic pressures, but the latest developments introduced renewed bullish sentiment, particularly for Bitcoin’s trajectory towards the $100,000 mark.
