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Bitcoin has finally crossed the $100,000 mark, but not without chaos. In the last 24 hours, about 190,000 traders were liquidated, losing nearly $1 billion. It’s the biggest wipe-out since 2021, with short traders taking the hardest hit – around $836 million in losses, according to CoinGlass.
Source: https://dig.watch/updates/bitcoin-breaks-100000-for-the-first-timeThe milestone sparked a rush in long positions, but this could backfire. If Bitcoin dips below $100,000, nearly $2 billion in long trades could be liquidated. A fall to $98,000 may even trigger $3.45 billion in losses, raising fears of a long squeeze. This could send prices dropping faster due to panic selling.
Traders seem confident that Bitcoin will keep rising. CoinGlass reports that Bitcoin Futures Open Interest has hit a record $67.4 billion. That means more traders are using leverage to bet on Bitcoin’s rally. But this adds more risk. History shows that when Open Interest crosses $65 billion, a market correction usually follows.
Bitcoin is also making waves outside the crypto space. It briefly became the world’s fifth-largest asset, overtaking Amazon, with a market cap of $2.05 trillion. Big names are bullish too. Standard Chartered believes Bitcoin could hit $120,000 by the end of Q2.
For now, Bitcoin’s price surge is a landmark moment. But the massive bets and heavy leverage in the market suggest the ride could get bumpy. The coming days will test how strong Bitcoin’s momentum really is.
Updated May 9, 2025 at 9:34 am
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