The price of Bitcoin is soaring Wednesday, and traders betting against the leading cryptocurrency and other top assets are feeling the pain—to the tune of nearly $700 million worth of liquidated short positions over the last 24 hours.
Bitcoin was recently trading for $96,867, and hit its highest price since November 14, according to data from CoinGecko. The top asset is up nearly 5% over the last day and just over 5% on the week, though it remains down about 23% from its all-time high above $126,000 set in early October.
Other major cryptocurrencies are similarly in the green on Wednesday, with Ethereum rising almost 7% to $3,354, XRP climbing nearly 5% to $2.17, and Solana ticking up almost 4% to about $147.
Bears have been rewarded at times in recent months with Bitcoin and other assets losing ground, but short holders have been mostly punished over the last day, with CoinGlass showing about $690 million worth of shorts liquidated over that span. That’s from a total of $789 million worth of liquidations.
Bitcoin leads the way for liquidated positions with $382 million worth, followed by Ethereum at $231 million and Solana at $33 million.
Crypto prices have been on the rise over the last day as traction builds around the Clarity Act, the U.S. crypto market structure bill, which is currently being drafted and revised ahead of planned markup from the Senate Banking Committee on Thursday.
Rebounding sentiment also comes following Tuesday’s CPI report, which showed steadying inflation in the United States. On Tuesday, Bitcoin ETFs in the U.S. had their best single day for investments since October, with $754 million flowing into the products. Gold and silver have also jumped to new highs this week.
Users on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—have grown increasingly bullish on Bitcoin, giving the asset a nearly 89% chance of rising to $100,000 sooner than it can fall to $69,000. Those odds have increased by nearly 13% over the last 24 hours alone.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Stellar (XLM) recovers, the bulls approach the breakout point of the trendline
Stellar (XLM) is trading around $0.155, showing a slight recovery, but trader sentiment remains cautious amid mixed on-chain and derivatives data. A successful breakout above the current downtrend could support short-term gains.
TapChiBitcoin10m ago
PI (Pi) increased by 7.62% over the past 24 hours
Gate News Report, March 11 — According to Gate Market Data, as of press time, PI (Pi) is trading at $0.23, up 7.62% in the past 24 hours, with a high of $0.24 and a low of $0.17. The current market capitalization is approximately $2.248 billion, an increase of $159 million from yesterday.
Pi Network is a blockchain community and developer platform dedicated to enabling users to mine Pi tokens easily on their phones through innovative technology. Centered around its groundbreaking technology, the network allows mining via mobile apps without consuming大量电力, making it the first digital currency that can be mined on a mobile device. Pi Network emphasizes decentralization, mobile-first design, and environmental friendliness, aiming to involve more users in the cryptocurrency ecosystem.
##
GateNews23m ago
TRUMP Meme Coin Plummets 96% from Peak, Trump Polls Worsen, Accelerating Collapse
TRUMP Token recently dropped to $2.87, with a total decline of over 96%, hitting a record low. Its decline is related to the sharp drop in President Trump's approval ratings, indicating that waning political enthusiasm has a significant impact on token valuation. The market is sensitive to geopolitical volatility, and with WLFI tokens also under pressure, it demonstrates the high-risk nature of political-themed meme coins.
MarketWhisper25m ago
Peter Brandt: Bitcoin does not form a "cup and handle" pattern to reach $500,000
Peter Brandt, a legendary market analyst, criticizes the popular belief that Bitcoin could reach $500,000, asserting its current chart does not follow the "cup and handle" pattern. He warns that expectations based on this model lack foundation and urges better understanding of technical analysis.
TapChiBitcoin39m ago
Why did Bitcoin rise today? Oil prices plummeted 28%, ETF funds return to Bitcoin
Bitcoin has recently risen to approximately $70,000, driven by three main factors: Trump's announcement that the Iran conflict has ended, leading to a sharp drop in oil prices; the return of funds to spot Bitcoin ETFs; and MicroStrategy's large-scale Bitcoin purchases. The decline in oil prices has improved market sentiment, shifting towards risk assets, benefiting Bitcoin. On the technical side, Bitcoin faces resistance around $71,000; if it can break through, it may further rise.
MarketWhisper40m ago
