$100M in Liquidations as Bitcoin (BTC) Tops $30K for First Time in 10 Weeks

Bitcoin‘s price continues its upward trajectory, breaking above $30,000 for the first time since early August. This move appears to be driven by speculation regarding the potential approval of a spot Bitcoin ETF in the United States.

Several altcoins have performed similarly, or even better, over the past 24 hours, resulting in a significant number of short traders being liquidated.

• Bitcoin rallied for the second time this week earlier today. While the initial surge was fueled by a false report regarding ETF approval and resulted in a pump-and-dump scenario, this second rally appears more gradual and sustainable.
• After trading around $28,000 for several days, BTC surged past $29,000 earlier on Friday morning. Bulls then pushed the price further north to a 10-week peak of $30,300 on Bitstamp.
• Although currently trading just below the psychological $30,000 mark, BTC remains up more than 5% for the day, with its market dominance rising to nearly 52%.

BTCUSD 1h. Source: TradingView

• Altcoins are also performing strongly. XRP surged past $0.5 following a new legal victory against the SEC, while SOL skyrocketed by double digits, reaching a multi-week peak of $27.
• These bullish price movements have caused significant pain for over-leveraged short traders. The total value of liquidated positions has exceeded $100 million over a 24-hour period, with short trades accounting for approximately 80% of the total amount.

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