Bitcoin reached a new all-time high of $76,000, resulting in $256 million in forced liquidations.
On Thursday, crypto markets witnessed liquidations totaling $256 million as prices surged following the historic 2024 United States presidential election, which saw Donald Trump become a two-time president.
The renewed market momentum pushed Bitcoin BTC $113 068 24h volatility: 0.5% Market cap: $2.26 T Vol. 24h: $67.38 B to an all-time high of $ 76,000 after months of lackluster performance. Other major cryptocurrencies, including Ethereum ETH $4 027 24h volatility: 1.2% Market cap: $486.25 B Vol. 24h: $34.75 B and Solana SOL $195.2 24h volatility: 2.0% Market cap: $107.34 B Vol. 24h: $7.77 B , also rallied, breaking past previous lows.
Ethereum Leads Liquidations as Prices Surge
Ethereum saw a significant spike, nearing $3,000, which caught many leveraged traders off-guard. According to data from CoinGlass, $65.01 million in liquidations were recorded for Ethereum, with short positions accounting for $48 million of that total. The abrupt price surge also forced the closure of approximately $18 million in long positions.
Market analysts had anticipated Ethereum’s post-election performance, citing Trump’s campaign pledges to integrate cryptocurrencies into the American financial system. Trump said he would end the Securities and Exchange Commission’s (SEC) oppression of the industry and promised to fire Gary Gensler once elected.
During one of his campaign rallies, he also touted establishing a national Bitcoin reserve in the United States using the government’s seized Bitcoins.
“It will be the policy of my administration to keep 100% of all the Bitcoin the US government currently holds or acquires,” he said.
This optimism spurred traders to take positions after he was declared the winner on November 6, which backfired as prices rapidly climbed.
Bitcoin Traders Face Losses as Prices Soar Above $75,000
Bitcoin’s price increase to over $76,000 in the last 24 hours triggered liquidations worth $53 million in perpetual contracts. CoinGlass data shows that traders who bet on a downward trend collectively lost $30 million, while those who overshot their expectations faced $23 million in forced liquidations.
Other altcoins were not spared, with Dogecoin DOGE $0.19 24h volatility: 2.3% Market cap: $29.42 B Vol. 24h: $2.61 B losing about $10 million and NEIRO, a self-acclaimed Dogecoin successor, experiencing $7 million in liquidations. The bulk of these liquidations occurred on major exchanges, with Binance contributing $97 million of the total, followed by OKX and Bybit, which saw losses of $46 million and $45 million, respectively.
Overall, the liquidations affected 77,733 crypto traders, with one notable loss involving a trader who forfeited over $22 million in an ETH/USDT position on Bitmex.
Despite these market shifts, traders remain active, hoping to capitalize on future movements in key assets such as BTC and ETH. In the last 60 minutes alone, approximately $7 million in liquidations were reported. Four hours ago, the market liquidated a total of $18 million from Binance, OKX, and Bybit.
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