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Bitcoin ($BTC), the world’s largest cryptocurrency, managed to surpass $86,000 after starting the week with a strong gain.
According to CoinGlass data, Bitcoin is currently trading at $85,683. It has seen a 6% increase in the last 24 hours, and $BTC tested levels above $86,000 during the day.
With this latest move, Bitcoin surpassed its previous September peak of $82,284, climbing above $85,000 for the first time since January. Considering $BTC had fallen to around $75,000 on September 15th, the recovery over the last six days has exceeded 14 percent.
Falling oil prices and US bond yields, rising global equity markets, and optimism surrounding US-China talks supported risk appetite today.
Following gains in Asian and European stock markets, the S&P 500 in the US rose 1%, while the Nasdaq increased by 1.6%. The decline in Brent oil prices also helped ease some of the concerns about rising inflation and further interest rate hikes last week.
Increased regulatory optimism following the new SEC exemption covering tokenized asset transactions in the US, and the expanded US Treasury bond repurchase program, are among the supporting developments behind the rise. However, the most visible part of today’s sudden price movement was the technical break and subsequent short liquidations.
Bitcoin and Altcoin Liquidations Exceed $938 Million
According to CoinGlass data, 132,209 investors had their positions liquidated in the last 24 hours. The total liquidation amount reached $938.02 million. Of this figure, $794.19 million was held by short positions and $143.84 million by long positions.
Liquidations in Bitcoin transactions alone reached $511.37 million. $458.44 million worth of $BTC short positions and $52.93 million worth of long positions were liquidated.
Approximately $205.11 million in Ethereum, $34.11 million in Solana, and $19.41 million in XRP positions were closed. The largest single liquidation occurred in a $11.29 million BTCUSDT transaction on Binance. During the same period, the total open interest in crypto futures increased by 8.87% to $158.52 billion, while trading volume rose by 100.79% to $295.21 billion.
*This is not investment advice.