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Bitcoin (BTC) Price: Hits Record $118K as Market Liquidations Top $1.13 Billion
In a stunning turn of events, the cryptocurrency market has witnessed a historic surge in the price of Bitcoin, reaching an all-time high of $118,000. This monumental achievement is accompanied by a staggering $1.13 billion in liquidations across major exchanges.
As the market continues to defy expectations, it appears that traders are unwilling to take on risk, leading to massive short liquidations. The data suggests that nearly 90% of these losses were incurred by shorts, totaling $1.01 billion. Notably, over 237,000 traders have been forced out of their positions.
Bitcoin’s remarkable climb is fueled by institutional demand and a significant increase in liquidity from spot ETFs. With cumulative flows into U.S. spot Bitcoin ETFs exceeding the unprecedented milestone of $50 billion, it is no surprise that this surge has transpired. Corporate treasuries, led by notable entities such as MicroStrategy, Tesla, and GameStop, continue to accumulate Bitcoin.
As a result, we are witnessing a supply squeeze as institutional buyers and sellers clash over the future price trajectory. This fundamental shift in market psychology has led to an uncharted territory of “price discovery.” We are seeing an unparalleled level of risk-taking by investors seeking to capitalize on the ongoing bull run.
In addition to Bitcoin’s exceptional growth, other prominent cryptocurrencies have also seen substantial gains. Ethereum rose approximately 3.2%, Solana climbed 2.7%, Dogecoin increased 3%, and XRP gained 4.7%. Cardano posted a remarkable 6% increase.
Source: coincentral.com
