Bitcoin Hits New All-Time High, Soars then Plunges, Wiping Out Nearly $1.2 Billion

After 846 days, Bitcoin broke through its previous all-time high of $69,000 last night. Ether also surged to $3,827 but quickly retreated, resulting in a large number of long positions being liquidated. In terms of the overall cryptocurrency market, a total of $1.18 billion in positions were liquidated within 24 hours.

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Bitcoin breaks new high
ETH surges to $3,827, then drops to above $3,200
Long positions suffer heavy losses, nearly $1.2 billion liquidated within 24 hours
Top 10 cryptocurrencies performance

After 846 days, Bitcoin broke through its previous all-time high of $69,000 last night. However, the peak was short-lived as Bitcoin quickly dropped to $59,005 within five hours, resulting in a large-scale liquidation of long positions. As of the deadline, the price was around $63K.

Ether followed a similar trend, although it still has nearly a 30% increase to achieve compared to its previous all-time high of $4,867 on November 10, 2021. But last night, Ether also surged to $3,827 and then dropped to around $3,200, leaving a long lower wick. As of the deadline, the price was $3,550.

According to CoinGlass data, the significant volatility led to over $323 million in Bitcoin positions being liquidated, with the majority ($243 million) being long positions. Ether also had $205 million in liquidated positions.

In terms of the overall cryptocurrency market, a total of $1.18 billion in positions were liquidated within 24 hours, with long positions accounting for $890 million and short positions accounting for $287 million.

Yesterday, the top 10 cryptocurrencies all showed a downward trend, but they still had an overall upward trend over the past seven days, especially meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), which had astonishing increases of 54.2% and 213.3% respectively.

The market sentiment index has reached above 90, indicating high price volatility. Please pay attention to managing your own risks.

(Will the meme season be the beginning of Fomo? QCP Capital report: Asian retail investors driving this round of price increases)

BTC
DOGE
ETH
SHIB

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