Bitcoin Sets New All-Time High Above $118,000

Bitcoin surged to a record $118,438, triggering over $850 million in liquidations as bullish sentiment and trading activity spiked.
Bitcoin Sets New All-Time High Above $118,000
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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.’”

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