Hold onto your hats, crypto enthusiasts, because the past 24 hours have been a wild ride with liquidations soaring past the $260 million mark. Bears trying to short the market have found themselves on the wrong side of the tracks as cryptocurrencies are basking in the aftermath of Donald Trump's victory in the 2024 US presidential elections.
In a thrilling twist, Bitcoin (BTC) has been on a tear, reaching new heights of over $77,000, while Ethereum (ETH) is inching tantalizingly close to the $3,000 mark. And in an unexpected turn of events, a notable whale got caught off guard on BitMEX.
The crypto market has been on a rollercoaster this week, with the excitement kicking off as it became clear that Trump would be the next US president. Having gained a nod of approval from the Republican candidate during his campaign, Bitcoin took the lead, smashing through its previous March record of $73,737 on Wednesday.
But that was just the appetizer! The largest digital asset continued to soar after the Fed announced a rate cut, hitting a then-record of $76,800. After a quick dip, BTC rallied again, breaking through $77,000 for the first time ever! At its peak, according to CoinGecko, it reached a jaw-dropping $77,020.
And let's not forget about the altcoins! Ethereum has shaken off its sluggish summer and has rocketed up by a stunning 19% over the past week, closing in on the $3,000 milestone for the first time in months.
CoinGlass reports that these skyrocketing prices have led to more than $260 million in liquidations in just one day. Over 90,000 overly optimistic traders faced the music, with the largest liquidation happening on BitMEX—a whopping $23 million position. Interestingly, this whale had bet against Ethereum, unlike the BTC bear from earlier.
It's been a week of twists, turns, and thrilling market moves that have left crypto traders on the edge of their seats!
