Although weekends in the volatile cryptocurrency industry are usually quiet, this weekend saw a significant price surge for BTC and several other assets.
This resulted in BTC reaching a new 19-month high and millions of dollars being liquidated, primarily from short positions.
- As reported earlier today, BTC reached a multi-month high of $39,000 on Friday evening, the first time in over a year and a half.
- The asset retraced by several hundred dollars but there was a feeling in the community that another surge was imminent.
- This surge occurred on Saturday evening when bitcoin jumped by over $1,000 in minutes, coming close to $40,000 for the first time since May 2022.
- However, the asset has been unable to breach that level and has since dropped by around $700.
- Several altcoins also experienced notable surges but have retraced along with BTC. Nevertheless, Chainlink is still up over 7% for the day and trading above $16. Other impressive gainers include RUNE (11%) and NEAR (6%).
- The second-largest cryptocurrency, Ethereum (ETH), has gained 3% in value and is now well above $2,100.
- This increased volatility has resulted in over $100 million in liquidations on a daily basis, causing harm to over-leveraged traders.
- Most of the liquidated traders had short positions. The largest liquidated order was worth $2 million and occurred on OKX.
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