Bitcoin Surges Past $80,000 as $192 Million in Leverage Positions Liquidated

Bitcoin (BTC) saw its price rise from around $76,000 to nearly $81,000, resulting in the liquidation of approximately $192 million worth of leveraged positions within one hour. Over $183 million of these were short positions. Bitcoin.com News reported on Friday at 11:45 PM KST that Bitcoin's price surged sharply. Traders indicated that the market absorbed the impact of the failed U.S. Senate virtual asset bill vote and interest rate hikes by two central banks over the past week.

Bitcoin.com News noted that the final phase of this upward movement could not be solely attributed to buying pressure, with short covering also playing a role in the price surge.