Bitcoin Peaks at $69,404 as Short Liquidations Surpass $27M

The price of bitcoin (BTC) increased by 1.9% over the past day, peaking at an intraday high of $69,404 around 9 a.m. EDT on Saturday. Over the last week, BTC has climbed by 3.1% and has risen 16.8% over the past two weeks.

Bitcoin’s Upward Momentum: Key Stats and Market Impact

Bitcoin is gaining momentum ahead of former U.S. President Donald Trump’s address at the Bitcoin 2024 conference, which begins at 2 p.m. EDT on Saturday. Bitcoin has shown positive gains over the past 24 hours, week, two weeks, and 30 days. Over the past month, BTC has appreciated by 11.1% against the U.S. dollar, with a significant portion of this increase occurring in the last 48 hours.

At 9 a.m. on Saturday, July 27, BTC hit an intraday peak of $69,404 per unit, following a daily low of $67,316. Since July 26, BTC has risen from $66,886 to $68,642 per unit as of 11:50 a.m. EDT on Saturday. This daily increase has led to $27.13 million in BTC short positions being liquidated, accounting for more than half of the $54.41 million in total short liquidations across the entire crypto industry.

While BTC is trading at $68,642 per coin, its price in South Korean won on Upbit is approximately $69,289 per unit. Tether is the most traded asset with BTC, representing over 45% of all transactions, followed by FDUSD with 19.56%. The U.S. dollar is the third most popular trading pair at 16%, with USDC at 13.34% this weekend. The Korean won accounts for 3% of all BTC trades, while the euro (EUR) comprises about 1.13% of bitcoin settlements this weekend.

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