Bitcoin Smashes Past $123,000 as Liquidations Hit Over $700 Million
Bitcoin has set a new all-time high, surging to $123,022, with strong momentum across the market.
The leading cryptocurrency is up 4.26% in the last 24 hours and nearly 13% over the past week, pushing its market cap beyond $2.44 trillion. Trading volume has also exploded, reaching over $101.9 billion in the last 24 hours.
This dramatic price action triggered a wave of liquidations across the crypto market. Data from CoinGlass shows that more than $727 million worth of positions were wiped out in the past 24 hours, with shorts bearing the brunt—losing over $614 million compared to $112.9 million from long positions.
Bitcoin alone accounted for a staggering $468 million in liquidations, with nearly all of it—$458.9 million—coming from traders betting against the rally. Only $9.2 million in BTC longs were liquidated, showing strong bullish conviction and painful consequences for those who anticipated a correction.
With buying momentum accelerating and short positions being flushed out, Bitcoin’s upward trajectory could continue if macro conditions and sentiment remain favorable. The current rally has not only reaffirmed Bitcoin’s dominance but has also reignited market enthusiasm as traders adjust to a fast-changing landscape.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
