Bitcoin reaches $76.4K as shorts face $242M liquidation

Bitcoin (CRYPTO:BTC) surged to an intraday high of $76,481 on Bitstamp, marking a gain of over 9% against the U.S. dollar by 7:30 p.m. EDT, when it settled around $75,297.

This recent spike lifted Bitcoin's market capitalisation to $1.49 trillion, accounting for more than 59% of the $2.52 trillion crypto market.

The cryptocurrency’s performance reflects a 4.4% increase over the past week and a 21.6% rise in the last 30 days.

Year-to-date, Bitcoin has risen 79% and has surged 115% over the past year.

Trading volumes remain substantial, with $296.595 billion transacted across the entire crypto market and BTC accounting for $137.85 billion of that.

The U.S. dollar leads BTC trading, making up over 20% of transactions, followed by the Korean won at 4.53%.

Bitcoin currently trades at a slight discount on South Korean exchanges like Upbit, priced at around $73,763 compared to the global average of $75,297.

The crypto derivatives sector experienced notable action, with $611.14 million in liquidations over the past 24 hours.

BTC short positions faced significant losses, totaling $242.11 million.

The largest liquidation involved a $74.98 million BTC/USDT trade on Binance.

Data from coinglass.com indicates that these liquidations affected 142,600 traders, with Bitcoin futures open interest reaching $45.40 billion, led by the CME Group.

Bitcoin's recent movement signals robust demand and high investor interest, underscored by the substantial volume and active trading.

According to sosovalue.XYZ, spot Bitcoin ETFs reported a combined $6.04 billion in settled volume, reinforcing Bitcoin’s current market momentum.

As trading activity picks up, analysts are watching for potential liquidity shifts and price trends that could impact broader market expectations.

At the time of reporting, the Bitcoin price was $75,186.39.