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Bitcoin Hits a New All-time High Above $76k, Nearly $400M Shorts Liquidated

Twitter icon  •  Published 2 weeks ago  •  Hassan Maishera

Bitcoin hit a new all-time high of $76,460 on Wednesday following Trump’s victory as short traders lost nearly $400m million.

TL;DR

  • BTC rallied to a new all-time high at $76,460 as the markets responded positively to Trump’s victory.

  • Nearly $400 million in short positions were liquidated in the last 24 hours.

BTC Sets a New ATH at $76,460

The cryptocurrency market has been performing excellently over the last 72 hours, with most coins and tokens in the green. Bitcoin, the leading cryptocurrency by market cap, surged to a new all-time high on Wednesday following Donald Trump’s victory.

BTC set a new all-time high at $76,460, adding more than 1% to its value. However, BTC has now retraced and is currently trading at $74,625 per coin.

The rally resulted in huge losses for short traders. According to data obtained from CoinGlass, yesterday’s crypto rally triggered $592 million in liquidations of leveraged derivatives trading positions across all crypto assets.

Nearly $390 million of the liquidations were leveraged shorts betting on lower prices, making the largest short squeeze in at least the past six months. Thanks to the crypto rally, the total cryptocurrency market cap now stands at $2.51 trillion.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.