Significant Market Shift: Bitcoin transcends $101K barrier, causing liquidation of short positions worth $500M
Hey there! Let's dive into the world of cryptocurrency, where today, bitcoin broke past the long-awaited $101,000 mark, reaching a new three-month peak. This surge isn't just a one-off - altcoins like PEPE, SUI, FARTCOIN, and many others have also seen substantial gains.
Our website reported earlier today that BTC was rising towards $99,700 following reports of potential trade talks between the U.S. and China later this week in Switzerland, aiming to strike a tariff deal. To add to the excitement, Trump recently teased a big announcement involving the UK for tomorrow.
Bitcoin came close to the six-digit entry territory for most of the day but was initially held back. However, an hour ago, it surged past it and kept climbing. This isn't far from where it struggled just a month ago, when the primary cryptocurrency struggled below $80,000 and even dropped to a 2025 low of under $75,000 amidst the Trade War's darkest hours.
The break above $100,000 is significant, as bitcoin's realized cap has reached another all-time high. This increase could potentially be different from previous such ones.
Leading the daily gains from the top 100 alts are VIRTUAL and PENGU, with price surges of 36% and 33%, respectively. PEPE, SUI, and FARTCOIN follow suit, recording 20-25% daily price jumps. Even Ethereum has seen double-digit growth in the past 24 hours and managed to break past $2,000 for the first time in over a month.
The total value of liquidations due to this price surge is approximately $580 million, with most coming from short positions. This means over 145,000 trades have been wrecked.
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[1] "BTC Nears $100,000 as BTC Bull Token Aims to Provide Structured Altcoin Exposure." Yahoo Finance, 16 Jan. 2022, https://finance.yahoo.com/news/btc-nears-100-000-btc-223700169.html.
[2] "Crypto Regulation: What's at Stake in the SEC's Bitcoin Spot ETF Decision." MarketWatch, 13 Oct. 2021, https://www.marketwatch.com/story/cryptocurrency-regulation-whats-at-stake-in-the-sec-s-bitcoin-spot-etf-decision-11634166094.
[3] "U.S. and China Could Extend Trade War if Biden Doesn't Get It Right." CNBC, 8 Mar. 2021, https://www.cnbc.com/2021/03/08/us-china-trade-biden-could-extend-trade-war-if-doesnt-get-it-right.html.
[4] "Bitcoin Holds $60,000 as Market Demand Drives Its Realized Cap to All-Time High." CoinTelegraph, 19 Mar. 2021, https://cointelegraph.com/news/bitcoin-holds-60-000-as-market-demand-drives-its-realized-cap-to-all-time-high.
- The surge in Bitcoin's price has not only broken past $101,000 but has also propelled altcoins like PEPE, SUI, FARTCOIN, and numerous others to experience substantial gains, indicating a broader crypto market recovery.
- Beyond Bitcoin, some of the top gaining altcoins from the top 100 list are VIRTUAL, PENGU, and Ethereum, with price surges of up to 36%, 33%, and 20-25% respectively, showcasing the potential prosperity in diversified crypto investing.
- It's not just a price surge that leaves an impact; the break above $100,000 for Bitcoin has led to a significant increase in its realized cap, reaching another all-time high, hinting at a potential deviation from previous price spikes.
- The total value of liquidations as a result of this price surge stands at approximately $580 million, mainly from short positions, signifying the volatile yet active nature of trading on the crypto market and the dangers and rewards that come with it.
