Bitcoin (BTC) Soars Above $71K, Logs New Record Peak

Bitcoin (BTC) has experienced a significant surge, surpassing its previous record and reaching a new all-time high of $71,092 on the Bitstamp exchange. This milestone reflects the growing acceptance and investment in the cryptocurrency market, as retail and institutional investors continue to embrace Bitcoin following the approval of various spot Bitcoin ETFs. Prior to reaching this new peak, Bitcoin achieved its highest weekly candle close to date at $69,062 on Bitstamp.

In tandem with Bitcoin’s rise, Ethereum, the second-largest cryptocurrency, has also seen a surge, crossing the $4,000 level. However, this price volatility has resulted in significant market liquidations, with CoinGlass data indicating a total of $336.22 million liquidated within the past 24 hours alone. Among the liquidations, the majority were long positions, totaling $224.73 million, while short positions accounted for $111.49 million.

The last hour alone witnessed $39.68 million in market liquidations, indicating the high volatility in the cryptocurrency market. Notably, the majority of these liquidations originated from short positions, totaling $37.65 million, suggesting that a sudden price increase triggered these events. In contrast, long position liquidations only amounted to $2.03 million.

Over the past four hours, OKX emerged as the leading exchange in terms of liquidations, with a total of $19.95 million. Among these liquidations, $2.99 million were long positions, while a significant $16.96 million were short positions, accounting for 85.03% of OKX’s total liquidations. Following OKX, Bitmex recorded $8.71 million in liquidations, exclusively from short positions. Binance trailed behind with liquidations totaling $6.74 million, comprising $2.12 million in long positions and $4.63 million in short positions.