Bitcoin Surges to $79K, Wipes Out Over 170,000 Traders in Historic Liquidation Event

Bitcoin's price has surged to nearly $79,500, causing significant reactions across the crypto community. This represents a total gain of over 13% in the past 24 hours. The parabolic move has also affected most altcoins, with several large-cap cryptocurrencies experiencing substantial gains.

Ripple's XRP saw a notable increase of 25% today alone. However, volatility has led to severe liquidations across derivatives markets. In the past hour, total liquidations surpassed $330 million, with short traders bearing the brunt of the losses.

Data from Coinglass indicates that total liquidations over the past 24 hours are approaching $1.5 billion, primarily associated with Bitcoin positions. Binance led exchanges in terms of liquidations, followed closely by Hyperliquid. The largest single liquidation order occurred on Hyperliquid, valued at $23.59 million.