Bitcoin has set a new all-time high, surging to $123,022, with strong momentum across the market.
The leading cryptocurrency is up 4.26% in the last 24 hours and nearly 13% over the past week, pushing its market cap beyond $2.44 trillion. Trading volume has also exploded, reaching over $101.9 billion in the last 24 hours.
This dramatic price action triggered a wave of liquidations across the crypto market. Data from CoinGlass shows that more than $727 million worth of positions were wiped out in the past 24 hours, with shorts bearing the brunt—losing over $614 million compared to $112.9 million from long positions.
Bitcoin alone accounted for a staggering $468 million in liquidations, with nearly all of it—$458.9 million—coming from traders betting against the rally. Only $9.2 million in BTC longs were liquidated, showing strong bullish conviction and painful consequences for those who anticipated a correction.
With buying momentum accelerating and short positions being flushed out, Bitcoin’s upward trajectory could continue if macro conditions and sentiment remain favorable. The current rally has not only reaffirmed Bitcoin’s dominance but has also reignited market enthusiasm as traders adjust to a fast-changing landscape.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bitcoin-smashes-past-123000-as-liquidations-hit-over-700-million/