Bitcoin Surges Past $71K, Sparking $3B Liquidation Wave

Bitcoin's price surged past $71,000 on Thursday, triggering a wave of liquidations worth over $3.3 billion in the cryptocurrency market.

The rally also extended to stocks linked to cryptocurrencies, with MSTR and ASST rising nearly 9% each in pre-market trade. BMNR, COIN, and CRCL followed suit, climbing around 9%, 6%, and 6% respectively.

This sharp price increase has been attributed to a shift in retail sentiment on platforms like Stocktwits, where chatter surrounding Bitcoin's price is at an all-time high.

However, despite the recent jump in Bitcoin's price, it remains down by around 17% for the year and around 43% below its record high of over $126,000 seen in October last year.