After a long period of silence, bitcoin has surged upward. If yesterday it was a new record of $112 thousand was broken. Today, the price has already beaten this figure, reaching $118,213.
As the experts warned, a sharp drop or rise from the $100,000 price would lead to large liquidations. As of July 11, 273,036 traders were liquidated. The total amount of liquidations amounted to $1.26 billion. The largest liquidation order occurred on the HTX exchange, which was a BTC-USDT trading pair worth $88.55 million.
The growth of BTC hit the pockets of shorts (those traders who bet on a price drop) the hardest. Their positions were liquidated to the tune of $1.11 billion. Most liquidations were on BTC and ETH.
The razor also went through traders James Wynn and Qwatio. Wynn deposited $27,555 USDC to the Hyperliquid account and received $3,960 in referral fees, and then went all-in with a 40x short position on BTC. The position was completely liquidated. Qwatio has closed all open-ended futures positions.
Experts predict that capital inflows from institutional investors and generally positive trader sentiment will continue to push the price of cryptocurrencies upward. However, this may end in a correction, as many market participants may also start taking profits, i.e., selling their bitcoins.
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