Bitcoin Eyes $80K as Millions Vanish in Liquidation Wave

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Bitcoin's price continues to rip, with the next level in sight being $80K.

Bitcoin’s price reached nearly $79,500 moments ago, causing all sorts of reactions across the crypto community. This brings its total gains for the past 24 hours to slightly more than 13%.

The parabolic move has been mirrored across most of the altcoin market, with many large-cap cryptocurrencies bringing outsized gains throughout the past week. Just today, Ripple’s XRP exploded by 25%, for example.

The price has since retraced to slightly below $78K. In any case, volatility has led to severe liquidations for yet another day across derivatives markets. Data from Coinglass shows that, in the past hour alone, total liquidations surpassed $330 million, the bulk of which came from short traders – somewhat expectedly.

Total liquidations over the past 24 hours are approaching $1.5 billion, making this yet another historic day in the market. Most of the liquidations are also associated with Bitcoin positions – about $825M at the time of this writing. Binance leads in terms of exchanges, with Hyperliquid reporting about half as much.

In total, over 170,000 traders were wiped out, and the largest single liquidation order occurred on Hyperliquid, with a face value of $23.59 million.

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