Cryptocurrency Market Surges as Bitcoin Hits $80,000 and Wrecks Over $140 Million in Shorts
The cryptocurrency market has seen a significant surge in prices over the past few hours, with Bitcoin leading the pack and surging past $80,000 for the first time since last Friday. This sudden movement has caused over $140 million in shorts to be wrecked, with many altcoins also experiencing notable gains.
Bitcoin's rebound from its 10-day low of $76,200 was swift, reclaiming the $77,000 and $78,000 levels before surpassing $80,000. Ethereum has also seen a significant increase, rising to almost $2,500 after a 4.4% pump in the past day.
XRP has been one of the top performers, surging past the key $1.40 level and gaining 9% on a daily scale. BNB has also rocketed past $720, with many altcoins experiencing notable gains.
The price volatility has had significant consequences for overleveraged traders, with data from CoinGlass showing that hourly liquidations have risen to $157 million, with more than $142 million coming from shorts. On a daily scale, the total liquidations are over $400 million, with shorts responsible for $315 million.