Bitcoin Surges to $93,000 as Bears Face $600 Million Losses
Bearish bets on major cryptocurrencies incurred losses of nearly $600 million following President Donald Trump's announcement regarding a U.S. strategic reserve for several tokens.
- Low liquidity on Sundays led to significant price jumps: Cardano’s ADA rose 60%, XRP and Solana’s SOL increased by 25%, and Bitcoin (BTC) gained 9%.
- Futures tied to BTC faced over $344 million in losses, with $170 million in liquidations on ETH futures.
- ADA, XRP, and SOL futures saw over $70 million in liquidations each, marking their highest levels since September 2024.
Liquidations occur when an exchange closes a trader's leveraged position due to insufficient margin. High liquidation volumes can indicate overbought conditions or potential reversals.
- Open interest for XRP, ADA, and SOL futures increased by 40%, indicating expectations of continued volatility.
- Bitcoin reached over $93,000 after dropping to $83,500 last week amid macroeconomic pressures.
- Some traders anticipate BTC might drop to the mid-$70,000 range, but bullish sentiment has resurfaced due to Trump’s comments.
- Demand for BTC to reach $100,000 is noted as traders remain cautious about sustained rallies until plans are clarified.