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Bitcoin’s Rally to New All-Time High Above $106K Liquidates This Massive Whale
Bitcoin has just reached a new all-time high above $106K, marking a remarkable milestone in the cryptocurrency market. In a shocking turn of events, this surge in price has resulted in the liquidation of a massive whale trader.
Just over ten days ago, Bitcoin’s price began its ascent to the current record-breaking level, and it appears that no one was immune to the impact. Not even the largest traders, as CoinGlass data reveals that nearly 100,000 traders have been wiped out in just 24 hours alone.
However, there is a particular order that stands out amidst this chaos – a colossal loss of $19.86 million on Binance’s BTC/USDT trading pair. The identity of this whale remains unknown, but the magnitude of their loss cannot be overstated.
Despite the market volatility, it seems unlikely that this massive trader was expecting further gains, as Bitcoin has retracted by about two thousand dollars immediately after its latest peak. Nevertheless, a staggering 51% of Binance’s liquidations were shorts, indicating a significant number of traders betting against the king cryptocurrency.
It is crucial for traders to exercise caution when opening highly leveraged positions in this volatile environment. The cryptocurrency market is known for its unpredictability and rapid shifts in sentiment.
Aside from Bitcoin, numerous larger-cap altcoins have also posted gains over the past 24 hours, with ETH, SOL, DOGE, ADA, AVAX, and TON rising by around 2-3% each. SUI has seen the most substantial growth among these coins, surging an impressive 9% to trade at $4.8.
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The cryptocurrency market is known for its unpredictability, and as the price continues to rise and fall dramatically, it remains essential for investors to remain cautious.
Source: cryptopotato.com
