Bitcoin Blasts Past $118,000, Triggering Liquidations
Experts cite ETF inflows and institutional demand as drivers behind the surge.
Bitcoin’s value soared to new heights, exceeding $118,000 for the first time. The cryptocurrency’s surge triggered massive liquidations for short sellers, highlighting its volatile market.
Bitcoin’s Record-Breaking Price
The price of Bitcoin has achieved a new all-time high, surpassing $118,000 on CoinmarketCap. This surge continues the trend of record highs set over the previous days, underscoring the strong momentum of the leading cryptocurrency. Currently, Bitcoin is priced at $117,983, reflecting a 3.88% increase in the last 24 hours.
Short Squeeze
Bitcoin’s rapid ascent caught short sellers off guard, leading to significant liquidations. Data from Coinglass indicates that $1.12 billion in crypto positions were liquidated in the past 24 hours, with Bitcoin shorts accounting for $636 million. This demonstrates the intense pressure on investors betting against Bitcoin’s upward trajectory.
Market Analysis
Market observers are closely analyzing the factors driving Bitcoin’s continued rise. Joe Dipasquale, CEO of Bitbull Capital, told Decrypt he anticipates further price increases, attributing the rally to strong ETF inflows, a new institutional demand, and a broad risk-upper environment, since investors Interest cuts The FED.
This aligns with a recent report from JPMorgan, estimating that Bitcoin ETFs could attract over $62 billion in inflows over the next three years (JPMorgan 2024). This suggests a growing integration of Bitcoin into mainstream finance.
