Bitcoin Price Nears $85,000 as Crypto Liquidations Top $680 Million

Bitcoin has continued its scorching surge into Monday morning, rising within striking distance of $85,000 for the first time. And amid the fast-moving market, with many cryptocurrencies pumping right now, traders are bombing out on futures bets, with liquidations hitting $684 million over the past 24 hours.

As of this writing, Bitcoin's new all-time high mark sits at $84,929, per CoinGecko, though the price has dipped slightly to $84,418 at present. Even so, BTC is up over 6% on the day and 23% over the last week. Coinbase data shows that the price of Bitcoin came within $0.02 of hitting $85,000 late Monday morning, though CoinGecko doesn't show quite as close of a call.

Bitcoin had held an all-time high price mark of $73,737 from March through to Election Day last week, but broke that barrier as Donald Trump started wrapping up his win. Now the leading cryptocurrency has added more than $11,000 to that record.

Nearly every major cryptocurrency has seen sizable gains over the last week, with Dogecoin (DOGE) up 103% at $0.32, Cardano (ADA) rising 83% at $0.60, and Solana climbing by 36% to approximately $220.

It's mostly up for crypto prices this week, but interestingly, liquidations over the past 24 hours span an array of long and short positions. CoinGlass shows $685 million worth of liquidations across the market over the last day, including about $354 million in long positions (betting on the price to go up) and smashed shorts at $330 million.

Bitcoin has caused the most damage, with $189 million worth of liquidations—including a single $15.6 million short position on OKX that was zapped late Sunday. Ethereum is the second-largest source of liquidations at $102 million.