Bitcoin's price has surpassed the $70,000 mark, marking a 2.1% increase in today's trading sessions. This recent surge has led to the liquidation of $27.75 million worth of bitcoin short positions.
Bitcoin (BTC) has experienced a 2.1% increase today and a 3% increase over the past seven days. Over the last 30 days, its price has risen by 12% against the U.S. dollar. As bitcoin crossed the $70,000 threshold, its trade volume surged from over $10 billion to $21.58 billion. The largest trading pair with bitcoin is Tether (USDT), accounting for more than 41% of trades, followed by the stablecoin FDUSD, which makes up more than 35%.
Following USDT and FDUSD, other major trading pairs include USD, USDC, and the South Korean won (KRW), which commands 2.67% of all bitcoin trades. While BTC is trading at $70,245 per coin, it commands a premium in South Korea, where it trades for $71,044 per unit. The premium, which had previously fallen below 1%, has now risen back above the threshold at 1.07%.
The increase in bitcoin's value has resulted in significant liquidations, along with the rise in ethereum's (ETH) price. Across the entire crypto economy, a total of $111.23 million in long and short positions has been wiped out. ETH shorts saw $23.52 million in liquidations, while BTC experienced $27.75 million in liquidated shorts. Out of the $111.23 million in liquidations over the past day, $70.12 million were shorts.
What are your thoughts on bitcoin's price spike? How do you feel about the liquidations? Share your opinions in the comments section below.