Bitcoin Sets New Records: Cryptocurrency Market in Turmoil

🔵On the morning of November 12, Bitcoin once again hit an all-time high, briefly reaching $89,800. This triggered a wave of liquidations across the market, with a 24-hour volume of $683.35 million, according to CoinGlass. A total of 171,916 traders faced liquidations, with over half of the losses incurred on short positions.

🔵The largest single liquidation occurred in the BTC/USDT pair on Binance, which accounted for over 35% of all losses. Total liquidations exceeded $650 million in 24 hours. By asset, Bitcoin led in liquidation volume, followed by Ethereum and Dogecoin. Dogecoin saw a 17% daily increase and a remarkable 159% gain over the week.

🔵Amid the previous surge on November 10–11, 2024, liquidation volumes also surpassed half a billion dollars within a single day.