Bitcoin is on fire! It just broke through the $75,000 mark, setting a new record high. This surge has sent shockwaves through the crypto world, especially for those who bet against Bitcoin’s rise.
A Big Day for Bitcoin (and a Bad Day for Some)
A lot of people were betting that Bitcoin wouldn’t reach this new high. They were wrong! This massive jump in price caused a huge wave of liquidations in the crypto derivatives market.
What’s a liquidation? Basically, when you bet against a cryptocurrency, you’re hoping its price will go down. If the price goes up instead, you lose money. A liquidation happens when your losses get so big that your trading platform automatically closes your position.
In the last 24 hours, a whopping $574 million worth of crypto positions were liquidated. More than two-thirds of those losses were from people who bet against Bitcoin.
Dogecoin Surprises
While Bitcoin was the main focus of the market, Dogecoin (DOGE) also saw a lot of action. It was the second-most liquidated coin, even though it’s much smaller than Ethereum. This shows that a lot of people are betting on DOGE right now.
Even with all this money lost, people are still betting big on Bitcoin! The amount of money people are willing to put on Bitcoin’s future has reached an all-time high. It seems like this bull run is far from over. /p>
