Crypto Markets Reel as Bitcoin Surges to Nearly $79,500
Bitcoin's price surged to nearly $79,500 in moments, leading to widespread reactions across the crypto community. This marks a total gain of over 13% for the past 24 hours.
The sudden parabolic move was mirrored across most altcoins, with large-cap cryptocurrencies like Ripple's XRP experiencing gains of up to 25%. Today alone, XRP exploded by 25%, reaching $1.42.
Volatility led to severe liquidations in derivatives markets, with total liquidations surpassing $330 million in just one hour. The bulk of these losses came from short traders, as expected.
Total liquidations over the past 24 hours are approaching $1.5 billion, making it another historic day for the market. Most liquidations are associated with Bitcoin positions, totaling around $825M at this writing.