Bitcoin Soars to $31k Sparking $108 Million In Liquidations

Bitcoin (BTC) blasted back above $31,000 on Friday, resuming a week of bullish gains following BlackRock’s Bitcoin spot ETF application last week.

• The asset, which touched a high of $31,400 at 16:13 UTC, now trades for $31,117.
• The milestone puts Bitcoin’s total market cap back above $600 billion, and its market dominance above 51.86%.
• Data from Coinglass shows that over $108 million in crypto market liquidations have occurred in the past 24 hours, affecting close to 36,000 traders.
• “The largest single liquidation order happened on OKX – BTC-USDT-SWAP value $1.54M,” the site states.
• Bitcoin continues to outperform Ether (ETH) this week, which remains sequestered under $2000.
• Some investors including MicroStrategy’s Michael Saylor believe that continued enforcement action against the rest of the crypto space will cause Bitcoin dominance to keep rising.