Bitcoin News: Crypto Liquidations Surpass $300 Million as Bitcoin Surges Past $102,000

The cryptocurrency market has witnessed a dramatic 24-hour period, with over $300 million in liquidations as Bitcoin reclaims the $102,000 mark. This surge in activity underscores the volatile nature of the crypto derivatives sector, impacting both long and short positions.

Crypto Liquidations Cross $300 Million As Bitcoin Reclaims $102,000

The cryptocurrency derivatives sector has experienced significant liquidations totaling nearly $306 million in the past 24 hours, with Bitcoin and other cryptocurrencies rallying. Liquidations occur when open contracts are forcefully closed due to substantial losses. The data highlights the volatility in the market, with both long and short positions being affected.

Bitcoin Open Interest Hits 350K BTC: Rising Levels Suggest Growing Market Activity

Bitcoin has made an impressive recovery, surging over 15% since Monday’s flash crash brought the price briefly to the $89,000 level. The rebound has reignited bullish momentum, with BTC now attempting to push above a key supply zone. Analysts believe that once BTC clears these levels, it could deliver significant returns, setting the stage for a broader rally in the cryptocurrency market. Adding to the optimism, data from CryptoQuant reveals that open interest on top exchanges has climbed to 350,000 BTC and is trending upward. This surge in open interest indicates growing trading activity and heightened interest from both institutional and retail investors, a classic bullish signal for the market. The increasing participation suggests that market participants are positioning themselves for Bitcoin’s next move.

Key Developments Before Bitcoin's Next All-Time High

Bitcoin has recently surpassed the $100,000 psychological threshold, marking its fifth occurrence with a 3.39% increase in the last 24 hours and a 7.93% rise over the week. This growth is supported by significant whale activity, including a transfer of over $1 billion worth of BTC to Coinbase, indicating strong institutional demand. Analysts predict a potential slight retracement before Bitcoin continues its upward trajectory. The alignment of rising institutional interest and substantial whale movements suggests a bullish outlook for Bitcoin's price in the NEAR future.

Switzerland Considers Enshrining Bitcoin in Constitution

Switzerland is undergoing a significant monetary identity check with the potential inclusion of Bitcoin in its constitution. A movement has begun to gather the necessary 100,000 signatures to force a national vote, which would allow the country's 8.8 million residents to decide on Bitcoin's role alongside the Swiss central bank. This initiative reflects Switzerland's progressive stance on cryptocurrencies, with 11% of its population already holding digital assets. The country is also notable for its widespread availability of Bitcoin ATMs, comparable to the prevalence of bakeries in small towns.

Malaysian Accountant Loses RM460,888 to Bitcoin Scammers

An elderly Malaysian accountant lost RM460,888 to scammers after being introduced to an investment platform called PFOU through Facebook advertisements. The victim joined the platform in July 2024 and was convinced of its legitimacy by detailed explanations provided by individuals within the platform's general group. The scam was discovered when the victim realized she had been defrauded and reported the incident to the police.