Bitcoin Surges Above $85,000 as Short Liquidations Accelerate Rally
Bitcoin's price surged above $85,000 as short liquidations accelerated its rally. The cryptocurrency gained more than 5% over the past 24 hours, with a significant portion of that growth coming from shorts being liquidated.
A total of $750.5 million in leveraged positions were liquidated, with approximately $648 million, or 86%, coming from short positions. This led to a wave of buying pressure, driving Bitcoin's price up.
FTT, the token associated with FTX, also saw significant gains, surging 33% over the past 24 hours. The rally was driven by speculative demand and broader altcoin momentum, rather than any specific fundamental catalyst for the token itself.
Hyperliquid, a decentralized finance platform, launched its manual borrowing feature on September 18, allowing users to pledge HYPE or Bitcoin as collateral and borrow stablecoins such as USDC or USDT. On the first day of the feature, users borrowed $269 million in stablecoins.