Bitcoin Breaks $70K Barrier, Leading to $27.75M in Liquidations

The price of bitcoin has exceeded $70,000, increasing by 2.1% during today’s trading sessions. This latest rise led to the liquidation of $27.75 million in bitcoin short positions.

Bitcoin Trades Above $70K, Leading to Multi-Million Dollar Liquidations

Bitcoin (BTC) is up 2.1% today and 3% over the past seven days. The price has also risen 12% over the last 30 days against the U.S. dollar. As bitcoin crossed $70,000, its trade volume surged from over $10 billion to $21.58 billion. Tether (USDT) is the largest trading pair with bitcoin, accounting for more than 41% of trades, while the stablecoin FDUSD makes up more than 35%.

USDT and FDUSD are followed by USD, USDC, and the South Korean won (KRW), which commands 2.67% of all bitcoin trades. While BTC is trading for $70,245 per coin, it has a premium in South Korea, where it trades for $71,044 per unit. The premium, which had fallen below 1%, is now back above the threshold at 1.07%.

The increase in bitcoin’s value has resulted in significant liquidations, alongside ethereum’s (ETH) price rise. Across the entire crypto economy, $111.23 million in long and short positions were wiped out. ETH shorts saw $23.52 million in liquidations, while BTC experienced $27.75 million in liquidated shorts. Out of the $111.23 million in liquidations over the past day, $70.12 million were shorts.

What do you think about bitcoin’s price spike? Share your thoughts and opinions about this subject in the comments section below.

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