Bitcoin Price Surge Triggers $544M Crypto Liquidations

Bitcoin's price surge to $81,000 has led to massive liquidations of leveraged crypto bets, with $544.85 million in losses over the past 24 hours.

CoinGlass data shows that most of these losses were due to short positions being closed out, with $456.44 million in shorts liquidated compared to $88.42 million in longs.

The sharp increase in Bitcoin's price coincides with a decline in the US Dollar Index, which fell 0.58% on Thursday to 99.001.

The move has also seen the USD/JPY plummet nearly 2.5% over 24 hours, sparking speculation of major intervention by Japanese authorities.