The price of Bitcoin just shot above the $116,000 for the first time ever, continuing a recent string of all-time high jumps over the last two days—and non-believers are getting pummeled with short liquidations. Bitcoin is currently sitting at a price of $116,734 according to data from Coinbase, marking a 4.8% climb over the last 24 hours after weeks of being rangebound below the previous record price just under $112,000.
According to data from CoinGlass, Bitcoin shorts are getting slammed. More than $560 million worth of crypto positions have been liquidated in the last hour alone, with most of them shorts. Bitcoin shorts accounted for over $425 million worth of those liquidations, with shorts making up all but about $5 million worth of that tally. Over the past 24 hours, crypto liquidations total $912 million, driven in part by earlier all-time high pops for Bitcoin. That total includes $542 million worth of Bitcoin shorts. Earlier in the day, Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told Decrypt that there were likely more gains ahead.
“We are likely headed even higher,” he said earlier Thursday. “Bitcoin’s rally is being driven by a mix of strong ETF inflows, renewed institutional demand, and a broad risk-on environment as investors anticipate Fed rate cuts.” Some other major cryptocurrencies are up higher on the day, with Ethereum rising almost 8% to $2,970, Dogecoin popping 6% to $0.192, and XRP climbing 5.5% to $2.55.
Stablecoin giant Tether has dramatically escalated its enforcement activity after blacklisting 370 blockchain addresses and freezing approximately $514.64 million worth…
Crypto exchange giant Coinbase experienced a major service outage that disrupted trading, transfers, and exchange operations after…
Cross-chain messaging protocol LayerZero has publicly apologized for its handling of the massive Kelp DAO exploitthat drained approximately $292…
Executives from PayPal and Google Cloud said the future of “agentic commerce” — where AI agents autonomously buy goods,…
Crypto exchange giant Kraken is making a major move deeper into the U.S. financial system after its…
A major national security scandal has erupted in Taiwan after prosecutors indicted a Taiwanese news…