After a few weeks of trading sideways within a relatively tight range that had $110,000 as the upper boundary, bitcoin’s price finally broke above it and charted a fresh all-time high at $112,000.
Many altcoins mimicked BTC’s rally, which resulted in roughly $500 million worth of liquidations on a 24-hour scale across the market.
After the peak reached on Bitcoin Pizza Day (May 22), the primary cryptocurrency started to lose some ground, which culminated precisely a month later with a price dump to $98,000 during the Iran-Israel war.
However, the bulls managed to contain the losses, and BTC quickly topped $100,000. In fact, the asset hasn’t traded within a five-digit price territory in over two weeks.
July started with a slight stagnation, though, as bitcoin remained stuck between $105,000 and $110,000. However, the cryptocurrency went on the offensive hard in the past few hours, breaking above the upper boundary and surging to a fresh all-time high at exactly $112,000 (on Bitstamp and many other exchanges) minutes ago.
Among the possible reasons behind today’s surge came a few hours ago when US President Trump urged the Federal Reserve to cut the rates by 300bps. Such a potential historic move is expected to benefit riskier assets like BTC and crypto.
Many altcoins have followed suit on the way north, charting gains of close to 10%. ETH, for example, has risen by more than 6% since this time yesterday and trades close to $2,800.
This volatility has harmed over-leveraged traders, resulting in more than $480 million in daily liquidations. The number of wrecked traders sits at 100,000, according to CoinGlass, most of which were from shorts.
One particular position stands out as the single-largest liquidation; it happened on HTX and was worth over $51 million.
The post Bitcoin Records New All-time High: Breaks Above May’s Peak appeared first on CryptoPotato.
BTC has finally broken out of its consolidaiton phase. BTCEUR, BTCGBP, BTCUSD, BTCUSDT, Crypto News, featured1, Bitcoin (BTC) Price
This articles is written by : Nermeen Nabil Khear Abdelmalak
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