Bears Suffer Nearly $400M in Liquidation as BTC Hits $104k

TL;DR

• BTC rallied to $104k after adding 5% to its value in the last 24 hours.

• The rally saw bears lose nearly $400 million, with traders expecting further upward movement.

BTC Hits $104k as Bears Suffer Heavy Losses

The cryptocurrency market continues its excellent performance this week, with Bitcoin just inches away from setting a new all-time high. The leading cryptocurrency by market cap added 5% to its value in the last 24 hours, hitting the $104k mark. It has slightly retraced and now trades at $103,007 per coin.

The positive performance comes after a U.K. trade deal announcement and record ETF inflows exceeding $40 billion. President Trump announced a comprehensive trade deal with the U.K. on Thursday.

Furthermore, cumulative inflows into spot exchange-traded funds (ETFs) hit a record high above $40 billion. These catalysts boosted BTC’s price to a high last seen in February.

The rally saw nearly $400 million in BTC short positions liquidated in the last 24 hours. According to CoinGlass, the liquidation was the highest single-day total since at least November. Furthermore, $22 million in long positions were also wiped out.

Altcoins also recorded excellent gains in the last 24 hours, with Ether leading the way. Ether added 17% to its value and now trades above $2,400 per coin. Its rally can also be attributed to the Pectra upgrade earlier this week, which increased the max staking amount to 2,048 ETH.

Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all increased in value by 8%, while BNB and Tron (TRX) are up 3% and 2%, respectively. Thanks to the ongoing rally, the total cryptocurrency market cap now stands at $3.23 trillion.