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Bitcoin, the leading cryptocurrency by market cap, surged above the $111,000 level earlier this Wednesday, reaching an intraday high of $111,052 on the Bitstamp exchange.

https://www.tradingview.com/chart/rCWhxMou/?symbol=BITSTAMP%3ABTCUSD

The flagship coin is now just a hair's breadth away from surpassing its current record peak of $112,000 that was logged on May 22.

Bitcoin tried and failed to reach a new record peak on July 3, but Bitcoin bulls appear to be firmly in control this time around.

According to data provided by CoinGlass, more than $187 million worth of short positions got liquidated over the past 24 hours alone.

The cryptocurrency is nearing a new peak amid robust spot ETF inflows as well as growing corporate adoption.