\n\t\t\t\t\t\t\t\t\tBitcoin’s price continues to rip, with the next level in sight being $80K.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin\u2019s 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%.<\/p>\n
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\u2019s XRP exploded<\/a> by 25%, for example.<\/p>\n 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 \u2013 somewhat expectedly.<\/p>\n Total liquidations over the past 24 hours are approaching $1.5 billion, making this yet another historic day in the market. Most of the liquidations are also associated with Bitcoin positions \u2013 about $825M at the time of this writing. Binance leads in terms of exchanges, with Hyperliquid reporting about half as much.<\/p>\n In total, over 170,000 traders were wiped out, and the largest single liquidation order occurred on Hyperliquid, with a face value of $23.59 million.<\/p>\n