Bitcoin crossed $80,000 for the first time since January, peaking at $80,500 before settling near $79,900. The broader crypto market followed the move higher, sparking chaos in derivatives.
In the past 24 hours, total crypto liquidations exceeded $370 million, with short positions accounting for over $302 million-more than 81% of the total. Bitcoin led the way with $179 million in liquidated contracts, followed by Ethereum at $95 million. The event, known as a short squeeze, saw sharp price swings triggering cascading liquidations that amplified the rally.