Liquidations Top $750M as BTC, ETH, and XRP Rocket to New Local Peaks

Bitcoin’s price ascent that began during the early Monday hours continued, with the asset climbing above $85,000 for the first time since late January. Most altcoins have followed suit, leading to a cascade of liquidated positions, mostly from short traders. BTCUSD September 21.

Source: TradingView It was difficult to imagine just five days ago what could happen now.

Recall that last week went in the opposite direction from what the BTC bulls hoped for, with the US Senate voting against advancing the CLARITY Act and the Federal Reserve hiking interest rates for the first time in well over three years.

Both of those developments drove BTC south to around $75,000, which became its lowest price tag in three weeks. However, the cryptocurrency showed impressive resilience and rebounded to over $80,000 by Friday.