The total liquidations on a daily scale have surpassed $250 million and $100 million in the past hour alone.
The primary cryptocurrency stood still for a few days after this week’s massive volatility, but the bulls are back in control and pushed it to a fresh all-time high of over $70,000.
Ethereum’s native token mimicked BTC’s performance by soaring past $4,000 and dumping just as hard minutes later.
Bitcoin’s current week is going in a highly volatile fashion. The asset skyrocketed to under $69,000 on Monday and went above that line on Tuesday to break its 2021 ATH.
However, the bears took control and pushed it south hard in the following hours. As a result, BTC slumped to under $60,000 almost immediately after the new peak, liquidating thousands of positions worth over a billion USD.
Yet, Bitcoin quickly rebounded and returned to $67,000 by Wednesday. It spent the next couple of days there without any sudden moves.
Such a price fluctuation arrived earlier today when the asset shot up to over $70,000 for the first time ever. Nevertheless, the bears were there once again and stopped BTC in its tracks. The cryptocurrency quickly lost all of its momentum and returned to around $68,000.
ETH also went on a roll and surged past $4,000 to see a new 2-year high. Yet, it was pushed back down, similar to BTC, and now sits way below that level.
This enhanced volatility has resulted in a lot of pain for over-leveraged traders. The total value of liquidated positions for the past hour alone is at $100 million and more than $250 on a daily scale.