Bitcoin’s Price Approaches $80K, Millions Liquidated in Hours

Bitcoin’s price reached nearly $79,500 moments ago, causing all sorts of reactions across the crypto community. This brings its total gains for the past 24 hours to slightly more than 13%.

The parabolic move has been mirrored across most of the altcoin market, with many large-cap cryptocurrencies bringing outsized gains throughout the past week. Just today, Ripple’s XRP exploded by 25%, for example.

Source: Quantify Crypto The price has since retraced to slightly below $78K. In any case, volatility has led to severe liquidations for yet another day across derivatives markets.

Data from Coinglass shows that, in the past hour alone, total liquidations surpassed $330 million, the bulk of which came from short traders – somewhat expectedly.