BTC Blasts Past $65,000 as Short Sellers Take Heavy Losses
Bitcoin's price surged to $65,000 on Tuesday as the cryptocurrency navigated geopolitical tensions and market volatility.
The sudden spike occurred after a volatile period of trading that saw bitcoin fluctuate between $64,300 and $64,000 for almost 10 hours. The brief dip below $64,000 was quickly recovered, with the cryptocurrency surging by approximately $1,000 in just one hour to reach $65,000.
The price action left bitcoin with a daily gain of 0.5% and pushed its weekly gains past 2%. At the time of writing, bitcoin's market capitalization was nearing $1.3 trillion.
The surge was particularly brutal for traders shorting the cryptocurrency, as Coinglass data revealed that $56 million in leveraged short positions were wiped out in the previous 24 hours, compared with just $4 million in liquidated long bets.