BTC Skyrockets Above $85K as Liquidations Top $750M
Bitcoin's price has seen a significant surge over the past few days, reaching new multi-month highs. On Monday morning, it climbed above $85,000 for the first time since late January, adding $10,000 to its value since Wednesday's low of $75,000.
The altcoins have also followed suit, with Ethereum reclaiming the $2,700 level after a 6% daily increase. XRP has rocketed by over 7%, and it trades close to the next key resistance on its path to recovery at $1.50.
The surge in prices has led to a cascade of liquidated positions, mostly from short traders. The total value of liquidations exceeded $750 million on a daily scale, with nearly $450 million coming in the past four hours alone. Shorts are responsible for the lion's share, with $650 million in such positions wrecked in the past 24 hours.