Bitcoin Surges Past $80,000, Wiping Out $183 Million in Short Bets
Bitcoin's price surged past $80,000 for the first time since September 7, causing over $183 million in short bets to be wiped out within an hour. The sudden rally occurred after hours of consolidation near $78,000, according to market data from CoinGlass.
The liquidations were primarily driven by shorts, with $192 million being liquidated during the final hour of the move. Bitcoin itself represented $119 million of those liquidations, while Ethereum contributed another $36 million.
The rally extended beyond Bitcoin, with Ethereum climbing above $2,550 after posting a 2.3% hourly gain, and XRP rising above $1.35 following a 3% increase. Solana and BNB recorded more modest advances.
The price action came despite a turbulent week for the cryptocurrency market, which had absorbed a legislative setback in Washington, a Federal Reserve rate increase, and a landmark policy move from the Bank of Japan.