Bitcoin's price broke $116,000 this morning, leading to over $1 billion in losses due to a massive short squeeze.
Bitcoin's price continued to rise this morning, reaching an all-time high of approximately $116,400. According to Coingecko data, Bitcoin's current price is at $115,932, having increased by 4.2% in the past 24 hours and over 5.9% in the past 7 days, with a daily trading volume exceeding $54 billion.
This comes at the expense of short traders who faced record losses near $1 billion. According to Coinglass data, over $1 billion in large short traders were liquidated in the contract market in the past 24 hours, further pushing prices up.
As of the current data, the total liquidation amount in the contract market has reached approximately $1.128 billion, with nearly 90% coming from sellers, clearly indicating the dominance of buyers in the market.
Other cryptocurrencies have also seen significant increases, with ETH approaching $3,000 this morning, and other mainstream altcoins rising to varying degrees influenced by the overall market. Meanwhile, the total market capitalization of cryptocurrencies is nearing $3.7 trillion.
What are your thoughts on Bitcoin's recent price breakthrough? Do you think this trend will continue? Leave your views and predictions on the upcoming market in the comments section.