Bitcoin Blasts Through $85,000 Hurdle Amid Crypto Market Recovery
Bitcoin briefly surged above $85,000 on Monday for the first time since January, extending its recovery from last week's selloff. Asian and European equities advanced, contributing to the cryptocurrency's price increase.
The crypto market has been recovering after a sharp decline in September. Bitcoin had traded near $75,000 on Sept. 15 before rebounding above $80,000 on Friday. It is now down less than 3% year-to-date, although it remains around 32.5% below its October all-time high of $126,000.
According to CoinGlass data, over $750 million in crypto positions were liquidated over the past 24 hours, with $648.3 million being shorts. Bitcoin positions accounted for $360.7 million in liquidations, with a single liquidation order on Binance's BTCUSDT market valued at $11.3 million.
Other major cryptocurrencies also saw significant gains, including Ethereum (ETH), up around 5.6% to $2,717; XRP (XRP), gaining 7.8% to $1.49; and Solana (SOL), rising 7.2% to $115.75.