Single Trader Liquidated for $100 Million as Bitcoin Soars Past $123K: Market Watch

Bitcoin’s calm weekend didn’t last long as the cryptocurrency skyrocketed to a new all-time high on Sunday evening and another one, well above $123,000, on Monday morning.

Many altcoins have followed suit by marking impressive gains over the past day, including SUI, CRO, UNI, ALGO, and others.

BTC’s Latest Peak

The past week proved why the cryptocurrency world is so interesting and unexpected. Recall that just less than seven days ago, the primary digital asset was confined in a tight range with an upper boundary of $110,000. Despite a few breakout attempts, it was unable to push through.

That was until Wednesday evening. At the time, the bulls finally managed to break that resistance and drove the asset to $112,000. That was just the beginning as BTC kept climbing and neared $119,000 by Friday.

Saturday was calm, with little to no reportable action, and so was most of Sunday. Yet, the landscape changed once again later during the day when bitcoin shot above $119,000 to set a new record. Monday started with fresh gains as well, and the latest all-time high stands at over $123,000 (on Bitstamp). This means that BTC has added roughly $15,000 since last Wednesday.

BTCUSD. Source: TradingView

The move to a new peak caught short traders off guard, and the total liquidations are up to $730 million. One particular whale stands out, as they were wrecked for almost $100 million on Binance.

Liquidation Heat Map. Source: CoinGlass

On the question of what could be driving today’s surge, Redstone’s Co-founder and COO, Marcin Kazmierczak, told us the following:

“Bitcoin’s breakthrough past $120,000 today marks a significant psychological milestone, extending its impressive 28% year-to-date gain. The move follows President Donald Trump’s decision to impose a 30% tariff on the EU and Mexico, alongside growing institutional adoption through record ETF inflows.”

Alts in the Green

Many alts have mimicked BTC’s spectacular performance lately. Ethereum has reclaimed the $3,000 line following a 3% daily jump. BNB is above $700 after a 2% increase. SOL, DOGE, ADA, HYPE, TRX, and LINK have marked similar increases.

XRP is close to $3 once again after a 6% daily pump. Even more impressive increases come from XLM, HBAR, AAVE, TAO, and ONDO. SUI, UNI, and CRO have charted double-digit gains.

The total crypto market cap has added more than $100 billion since yesterday and is up to almost $3.9 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto