Bitcoin climbed to new all-time high on Thursday, building on its previous record reached just a day earlier, as investors jumped into risk assets and liquidated short positions.
The price of the flagship cryptocurrency was last higher by about 2% at $113,267.39. Earlier, it rose as high as $113,863.18.
Over the past 24 hours, $318 million in short liquidations have occurred across centralized exchanges, according to CoinGlass. When traders use leverage to short bitcoin and the cryptocurrency’s price rises, they buy bitcoin back from the market to close their positions, which pushes the price up and causes more positions to be liquidated.
Bitcoin this week
