Bitcoin Blasts to New ATH Above $113K, Leaving $600M in Liquidations

Yesterday’s breakthrough to $112,000 was not a one-time thing, as the primary cryptocurrency has initiated another leg up in the past few hours and tapped a fresh peak at well over $113,000.

Many altcoins have produced notable gains over the past 24 hours as well, with ETH climbing above $2,800 and DOGE shooting up by over 5.5%.

BTC was stuck in a consolidation phase for weeks, with a lower boundary at $105,000 and an upper one at $110,000. However, the asset finally showed early signs of a potential breakthrough yesterday following Trump’s call for the Fed to reduce the interest rate by a historic percentage.

This time, the $110,000 barrier couldn’t contain bitcoin, and the asset blasted through it with ease yesterday, popping up to a new all-time high at $112,000 amid growing demand from US investors.

It retraced slightly today, but the bulls went back on the offensive hours ago, pushing the cryptocurrency to a new peak of over $113,000.

With many altcoins posting impressive price increases over the past 24 hours, it’s no wonder that the overall liquidations within that timeframe have marked a multi-week high of $600 million.

Naturally, shorts are responsible for the lion’s share, including this single position where a mysterious whale was wrecked for over $51 million.

In the past hour alone, the liquidations have topped $80 million as BTC and most alts started to regain traction.