Bitcoin Surges 3.58% to $113,357, Triggers $301.66 Million in Liquidations

Bitcoin, the world's leading cryptocurrency, has surged past $113,357, marking a 3.58% increase in the past 24 hours and continuing its upward trajectory over the past week. This rapid ascent has triggered significant liquidations in the derivatives market, with Bitcoin-related liquidations reaching $301.66 million. Short positions have been particularly hard hit, accounting for nearly $291.7 million in losses, while long positions have seen around $9.98 million liquidated.

Ethereum has also joined the rally, climbing to $2,829, up over 6% in a single day. However, Bitcoin remains the focal point, with a staggering $64 billion in 24-hour trading volume and a total market capitalization exceeding $2.25 trillion. The massive short squeeze indicates that many traders were caught off guard, betting against Bitcoin’s momentum and incurring substantial losses.

This latest move has reinforced bullish sentiment in the market. However, volatility remains high, and further liquidations could follow if the trend continues. The significant liquidations suggest that the market is still adjusting to Bitcoin's rapid price movements, and traders are reassessing their positions in light of the cryptocurrency's continued rally.