Bitcoin Price Surges to Nearly $79K, Wipes Out $825M in Liquidations

Bitcoin's price surged to nearly $79,500 in a matter of hours, causing widespread reactions across the crypto community. The rapid move led to significant gains for other large-cap cryptocurrencies, with Ripple's XRP exploding by 25%.

The sudden spike has been followed by volatility, resulting in severe liquidations across derivatives markets. According to data from Coinglass, total liquidations surpassed $330 million in the past hour alone, with the bulk coming from short traders.

Total liquidations over the past 24 hours are approaching $1.5 billion, making this another historic day in the market. The majority of these liquidations are associated with Bitcoin positions, with about $825M attributed to it at the time of writing.