A gigantic rally in Bitcoin (BTC) has resulted in more than $480 million worth of liquidations in the digital assets markets.
The data from crypto aggregator Coinglass revealed these liquidations within the past 24 hours.
Bitcoin, the leading cryptocurrency, surged 9.4% in the same period, trading at $33,913. This marks an overall increase of over 19% in the past week, reaching a new yearly high just above $35,400.
The unexpected surge in Bitcoin’s value led several prominent traders to reassess their previous bearish positions. For instance, crypto trader Nicholas Merten publicly admitted to his 113,700 followers that his prediction on Bitcoin’s performance this year was incorrect.
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