Bitcoin’s price has surged past the $70,000 mark, marking a 2.1% increase in today’s trading sessions. This upward movement has resulted in the liquidation of $27.75 million worth of bitcoin short positions.
Bitcoin (BTC) has seen a 2.1% rise today and a 3% increase over the past seven days. Over the last 30 days, its price has risen by 12% against the U.S. dollar. As bitcoin crossed the $70,000 threshold, its trade volume surged from over $10 billion to an impressive $21.58 billion. The largest trading pair with bitcoin is Tether (USDT), accounting for more than 41% of trades, followed by the stablecoin FDUSD, which makes up more than 35%.
In addition to USDT and FDUSD, other prominent trading pairs include USD, USDC, and the South Korean won (KRW), which commands 2.67% of all bitcoin trades. While BTC is currently trading at $70,245 per coin, it commands a premium in South Korea, where it trades at $71,044 per unit. The premium, which previously fell below 1%, has now risen above the threshold at 1.07%.
The surge in bitcoin’s value has led to significant liquidations, alongside the rise in ethereum’s (ETH) price. Across the entire crypto market, $111.23 million worth of long and short positions were liquidated. ETH shorts accounted for $23.52 million in liquidations, while BTC experienced $27.75 million in liquidated shorts. Out of the total liquidations over the past day, $70.12 million were shorts.
What are your thoughts on bitcoin’s price spike? How do you feel about the resulting liquidations? Share your opinions in the comments section below.
