Over $1B in Liquidations as Bitcoin Surges to 2-Month High Above $69K

After weeks and weeks of sideways movements without any clear signs of a breakout in either direction, the crypto market is finally on the move. Bitcoin led the charge with a massive surge that drove it to its highest price tag since the middle of June at just over $69,000.

Recall that BTC dipped below $63,000 at the end of the previous business week before it found some support and recovered to $63,000 during the weekend. It started to show revival signs on Monday and Tuesday, but today’s increase is the most impressive in months.

Ethereum has soared past $2,000 for the first time in months as well, and has even tapped the $2,100. XRP has finally rebounded above the key $1 support after dipping below it on a couple of occasions last week. The liquidations are also on the rise given the sharp movement.

Data from CoinGlass shows that $1.2 billion worth of leveraged positions has been wrecked in the past hour alone. Naturally, the lion’s share is from shorts, as they are responsible for $1.14 billion out of the total.