Bitcoin Soars Past $71K, Triggers $3B Liquidation Wave
A significant surge in Bitcoin's price has triggered a $3 billion liquidation wave and sparked gains in various crypto-linked stocks, including MSTR, BMNR, COIN, and CRCL. Bitcoin broke past the $71,000 mark, its highest level since May 31, with Ethereum (ETH) rising nearly 20% to hit $2,200, a two-month high.
The rally has led to renewed optimism among retail traders, with some on Stocktwits suggesting that companies like MSTR could be 'too big to fail' amid the cryptocurrency's rebound. However, Bitcoin remains down by around 17% for the year and around 43% below its record high of over $126,000 seen in October last year.
The largest liquidation event of 2026 has seen about $3.3 billion in leveraged bets on cryptocurrencies wiped out, with Ethereum and Bitcoin bets accounting for a significant share. This is the third-largest crypto liquidation event over the past year.