Liquidations Top $750M as BTC, ETH, and XRP Rocket to New Local Peaks

Roughly $650 million out of the total came from short positions as BTC and the alts are on fire on Monday. Bitcoin’s price ascent that began during the early Monday hours continued, with the asset climbing above $85,000 for the first time since late January. Most altcoins have followed suit, leading to a cascade of liquidated positions, mostly from short traders. BTCUSD September 21. Source: TradingView It was difficult to imagine just five days ago what could happen now. Recall that last week went in the opposite direction from what the BTC bulls hoped for, with the US Senate voting against advancing the CLARITY Act and the Federal Reserve hiking interest rates for the first time in well over three years. Both of those developments drove BTC south to around $75,000, which became its lowest price tag in three weeks. However, the cryptocurrency showed impressive resilience and rebounded to over $80,000 by Friday. It climbed to almost $82,000 on Saturday when a fresh wave of negative news, this time on the Middle East war front as well as the Ukraine-Russia conflict, pushed it down to $80,300. The bulls were more persistent once again, helping the asset avoid another dip below $80,00...