Bitcoin experienced a significant increase starting Sunday, triggered by favorable news regarding the trade negotiations between the US and China. This momentum continued into Monday morning’s trading session in Asia, pushing the price of Bitcoin to reach a new two-week peak.

Many altcoins followed Bitcoin’s lead, resulting in substantial losses for traders holding short positions.

BTCUSD. Source: TradingView

After a volatile week where Bitcoin saw fluctuating movements of between $6,000 and $8,000, the cryptocurrency stabilized around $111,000 by the weekend. The first signals of a breakout were visible, leading to a notable increase in price on Sunday when Secretary Bessent hinted at a prospective deal with China that could be announced during an upcoming meeting between the two countries’ presidents.

This announcement caused an immediate uptick in Bitcoin’s value, surpassing $112,000 and later climbing above $115,000, reaching a peak of $115,600, the highest level since October 14.

Alts like Ethereum (ETH) and Solana (SOL) also saw gains, with ETH rising over 7% to over $4,200, and SOL climbing back above $200 after a 5.5% increase. Additionally, ZEC surged more than 24%.

These dramatic rises have severely affected short traders, with over $370 million in short positions liquidated within a day, affecting around 110,000 traders based on CoinGlass data.

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Liquidation Data From CoinGlass