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Tuesday, May 21, 2024

Bitcoin (BTC) Soars Past $69K to Chart 9-Day High, Liquidations Jump to $200M

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The price of Bitcoin added more than five grand in the past day or so and over $2,000 in the last hours to skyrocket to a new nine-day peak of over $69,000.

The altcoins have also turned green, with notable price increases from the likes of SOL, AVAX, and TON.

BTCUSD. Source: TradingView

Bitcoin had an unfavorable week in the past seven days, as reported earlier, and saw its price stall at around $64,000 during the weekend after a failed attempt to overcome $66,000.

However, Monday started on a more positive note when the asset regained a few grand and went as high as $67,500.

After another brief retracement mid-day, the cryptocurrency started gaining traction once more in the past few hours and blasted past $69,000 for the first time since March 16.

Several altcoins followed on the way up, with some, such as SOL, AVAX, and TON, managed to double down on their daily gains. Others, like Shiba Inu (SHIB) have added over 7% in the past hour alone.

This increased volatility has harmed over-leveraged traders, as more than 50,000 have been wrecked on a daily scale. The total value of liquidated positions has grown to $200 million within the same time frame.

Interestingly, the single-largest wrecked position was on OKX and involved ETH, not BTC. It was worth north of $6.6 million.

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