Bitcoin Hits $79.5K, Triggers $1.5B in Liquidations

Bitcoin's price surge has reached an all-time high, nearing $80K in value. The cryptocurrency's total gains over the past 24 hours have exceeded 13%, with many large-cap altcoins experiencing significant increases as well.

Ripple's XRP is one notable example, having skyrocketed by 25% today alone. This parabolic move has led to severe liquidations across derivatives markets, with Coinglass reporting over $330 million in total liquidations within the past hour.

The majority of these liquidations are attributed to short traders, as expected, and are primarily associated with Bitcoin positions. Binance leads in terms of exchanges, with Hyperliquid accounting for half of the liquidated amount.