Bitcoin briefly soars beyond $25k; $232M in shorts liquidated

Bitcoin’s (BTC) price soared beyond $25,000 for the first time since June 2022 — peaking at $25,104, according to CryptoSlate’s data.

The flagship digital asset has retraced to $24,816 at the time of writing.

BTC  started the year strong when it gained around 39% in January. At the time, BTC soared from around $16,000 to over $23,000.

The rally appears to have continued in the current month, with BTC breaking the $24,000 barrier twice in the last two weeks.

Meanwhile, Bitcoin has outperformed other assets like NASDAQ, Gold, and S&P 500 in 2023. While BTC has rallied by around 50%, the other best-performing asset is NASDAQ, which has risen by about 20% during the same period.

Over $200M liquidated from short sellers

Bitcoin’s rally has liquidated roughly $100 million from short sellers, according to Coinglass data.

Total liquidations over the last 24 hours stood at $233.95 million as of press time. Of these liquidations, 65.18% occurred on traders who took short positions on the market, according to Coinglass data.

During this period, 60,8144 traders were liquidated — the most significant liquidation being a $2.54 million short position on BTC.

Meanwhile, BTC’s favorable price positively influenced other digital assets in the “Top 10.” Ethereum (ETH) increased 8.71% to $1,716, and Binance’s BNB token (BNB) rose 6.85% to $322.

Ripple’s XRP token (XRP) was up 3.59%, Cardano (ADA) gained 4.1%, Dogecoin (DOGE) was up 5.23%, and Polygon (MATIC) grew 11.58%.