Bitcoin $53K Push Sparks $300M Liquidation Wave

Bitcoin surged by several hundred dollars, hitting $53,000 for the first time in over two years, only to face a swift and forceful rejection. Yesterday witnessed a notable surge in Bitcoin, propelling it by several hundred dollars and reaching the $53,000 milestone for the first time in over two years. However, this achievement was short-lived

Azcnews

Bitcoin surged by several hundred dollars, hitting $53,000 for the first time in over two years, only to face a swift and forceful rejection. Yesterday witnessed a notable surge in Bitcoin, propelling it by several hundred dollars and reaching the $53,000 milestone for the first time in over two years. However, this achievement was short-lived as the cryptocurrency faced a swift and forceful rejection at that critical point.

The broader cryptocurrency market experienced a widespread decline on a daily scale, with many altcoins, including ADA, AVAX, SOL, ICP, APT, and others, displaying significant retracements.

Bitcoin Touched But Failed at $53K

Bitcoin Price

The leading cryptocurrency, Bitcoin, had been demonstrating an impressive upward trend in recent weeks, escalating from under $40,000 to surpassing $50,000. This surge was fueled by the positive response to recently approved spot Bitcoin ETFs in the United States, attracting substantial investment in the initial weeks of trading.

Although Bitcoin’s price had flirted with the $52,000 mark on multiple occasions, it struggled to sustain the momentum required to breach the $53,000 threshold. Yesterday, the bulls made another attempt to push the price higher, successfully touching the coveted level and marking a new high since late 2021.

However, the bullish momentum was short-lived, as the bears swiftly intervened, initiating a sharp decline in Bitcoin’s price. In a sudden and forceful rejection, the cryptocurrency lost over two thousand dollars in the span of an hour, dropping below the $51,000 mark.

Bitcoin experienced another unsuccessful attempt to recover losses, currently hovering just above the $51,000 mark. The heightened volatility, coupled with the performance of alternative coins, resulted in approximately $300 million in liquidations over the past 24 hours, with long positions accounting for two-thirds of the total.

Alts in Retrace Mode

Bitcoin and altcoin

As Bitcoin teeters on the edge of losing its $1 trillion market cap status, its dominance over alternative coins remains steady at 49.2%. Altcoins, following a brief surge, witnessed retracements as well. Ethereum briefly surpassed $3,000, marking its highest point since April 2022. However, it retraced nearly $100 and now rests around $2,900. On the other hand, Binance Coin continued its positive momentum, registering a 2.4% increase to reach $362.

Related: Bitcoin Mining’s Minor Share in U.S. Power Usage

Despite these individual performances, the majority of larger-cap altcoins are in the red. Cardano experienced the most significant decline at 5%, followed by SOL, AVA, DOT, LINK, TON, ICP, APT, NEAR, and others.

The overall cryptocurrency market cap experienced a slight overnight decline and currently stands at $2.050 trillion according to CoinGecko.

(101 votes)

5.0/5

(101 votes)

Latest

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

News | Altcoin | Bitcoin | Editor Choice

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

The cryptocurrency market has surpassed $4 trillion in market capitalization for the first time, overtaking Microsoft, driven by supportive U.S. policies and a surge in investments from both individuals and institutions.

Xrp Explodes, Whale Moves Spark Bullish Momentum

News | Altcoin | Editor Choice

XRP Explodes, Whale Moves Spark Bullish Momentum

XRP’s open interest has surged by over 18%, accompanied by a spike in derivatives volume and a golden cross in the MVRV ratio, fueling investor expectations of a major upcoming price breakout.

Xrp Reaches New Peak After 7 Years Of Waiting

Altcoin | Editor Choice

XRP Reaches New Peak After 7 Years of Waiting

This morning, Ripple (XRP) officially reached a new peak at $3.60, becoming the third-largest cryptocurrency in the market.

Donald Trump Plans To Allow Pension Funds To Invest In Crypto

Policy & Regulations | Editor Choice

Donald Trump Plans to Allow Pension Funds to Invest in Crypto

U.S. President Donald Trump aims for pension funds in the country to allocate capital into assets such as gold, private securities, and especially cryptocurrencies.

Wintermute Reports No More Eth Available For Sale Via Otc

Altcoin | Editor Choice

Wintermute Reports No More ETH Available for Sale via OTC

Wintermute has reported that the amount of ETH sold through OTC has run out, indicating impressive buying activity from institutions targeting Ethereum.