Bitcoin (BTC) Surges Close to $114,000, Resulting in $550 Million in Liquidations
Bitcoin's value has experienced a significant increase, leaving many traders with liquidated positions exceeding half a billion dollars.
The leading cryptocurrency, which faced challenges earlier in the day, dramatically shifted upwards as its price leaped from below $109,000 to almost $114,000 within hours.
BTC Price
BTC Price, Source: TradingView
The impressive upward movement follows a meeting of the Federal Reserve where talks about opening “payment accounts” for crypto and fintech firms were disclosed.
Bitcoin’s resurgence occurs after a halt in gold’s recent rally. Analysts on X highlighted a decline in gold, suggesting capital is shifting towards the primary digital asset.
Traders with highly leveraged positions were hit hard as Bitcoin’s rise resulted in liquidations totaling around $556 million over a 24-hour period. BTC contributed $232 million to this figure, while Ethereum accounted for $151 million.
Crypto Liquidations
Crypto Liquidations, Source: CoinGlass
In total, more than 140,000 traders faced losses due to this market fluctuation. The largest single liquidation was executed on the decentralized platform Hyperliquid, with the BTC/USD pair valued at approximately $14.45 million.
