Liquidations Top $750M as BTC, ETH, and XRP Rocket to New Local Peaks

Bitcoin rallied strongly on Monday, surging past the $85,000 threshold to reach its highest level since late January. The ascent marks a $10,000 recovery from the previous week's low of $75,000, which had been triggered by macroeconomic headwinds and legislative setbacks. Despite recent geopolitical tensions and monetary tightening pressures, persistent bullish momentum drove the market upward. The widespread rally extended across the broader cryptocurrency market, with major altcoins recording substantial gains. Ethereum climbed 6% to reclaim the $2,700 mark, while XRP advanced over 7% to approach critical resistance near $1.50. The rapid upward price movement triggered massive liquidations across crypto derivative markets, exceeding $750 million within a 24-hour period. Short sellers absorbed the vast majority of the damage, accounting for approximately $650 million in wiped-out positions, affecting more than 136,000 leveraged traders according to CoinGlass data.