Bitcoin Smashes Past $80K, Wipes Out $260M in Shorts

Bitcoin's price has surged past $80,000 for the first time since mid-May and reached a multi-month peak above $81,000. This price revival began last Wednesday and has led to a significant increase in liquidated short positions, with over $260 million in shorts getting wiped out in just four hours.

The total value of liquidations on a daily scale is up to $650 million, with Bitcoin accounting for half of that amount, according to data from CoinGlass. This massive gain comes after the asset's price started at under $65,000 last Wednesday and has risen by over $16,000 in just a few days.

The reasons behind this resurgence include the US Treasury Department's announcement, the Crypto Summit in the White House, renewed ETF appetite, and other factors. Some altcoins have also followed Bitcoin on its way up today, with Ethereum nearing $2,500 again after surging 32% in the past week. Solana has seen the largest gains from larger-cap alts, pumping by over 7.5% and trading above $100 for the first time in months.