Ethereum Bear Liquidated for $23M as ETH Approaches $3K, BTC Hits New ATH
Ethereum's price nears $3K while Bitcoin hits a new all-time high of $77K, leading to significant liquidations in the crypto market.
The cryptocurrency market has been on a bullish trajectory following Donald Trump's victory in the 2024 U.S. presidential elections. As a result, bears betting against the market are facing significant losses.
Bitcoin Surges to New Heights
In recent hours, Bitcoin (BTC) reached a new all-time high, surpassing $77,000. The momentum began earlier in the week when Bitcoin broke its previous record of $73,737. Following the Federal Reserve's recent rate cut, BTC continued to climb, achieving a peak of $76,800 before exceeding $77,000 today. Current data from CoinGecko shows the all-time high at approximately $77,020.
Ethereum's Resurgence
Ethereum (ETH) is also experiencing a revival, with a notable increase of 19% over the past week, bringing it close to the $3,000 mark for the first time in over three months. This resurgence follows a period of stagnation during the summer months.
Significant Liquidations in the Market
The recent price movements have led to over $260 million in liquidations within the last 24 hours, affecting more than 90,000 over-leveraged traders. Among these liquidations, a notable whale on BitMEX faced a significant loss, with a short position in Ethereum amounting to approximately $23 million being liquidated.
Interestingly, this liquidation contrasts with a previous incident where a Bitcoin bear was liquidated for $75 million earlier in the week.
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