Key Takeaways
- Bitcoin hits a historic high of $118,438, surpassing previous records.
- More than $850 million in liquidations occurred as traders were caught off guard.
- Institutional investment and increased trading activity fueled the rally.
Bitcoin has reached a new all-time high, surging to $118,438 according to recent data from Coinbase.
This milestone comes after a 4.2% daily gain, with the price breaking through previous resistance levels and sparking increased market activity.
The rally was driven by a notable rise in institutional investment and widespread acceptance of bitcoin as a legitimate asset, with trading volumes also climbing sharply.
Liquidations
Over 190,000 traders faced liquidations globally in the wake of this surge, with total liquidations surpassing $850 million.
Bitcoin’s sharp price move coincides with the approach of the second-quarter earnings season, drawing further interest from both retail and institutional participants. Other assets in the sector also benefited; Ethereum rose more than 6%, and bitcoin-related equities such as Coinbase climbed over 4% on the day.
Current market
The magnitude of the price increase and resulting liquidations underscore the intensity of the current market environment.
One observer commented on the recent surge:
“Congrats to the 0.01% who HODLed through the liquidation carnage; the rest? Just another day in bitcoin’s ‘Hot Seat.’”
