Bitcoin Price Nears $63,000 Amid Broader Market Rally

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Jai Pratap

Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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July 15, 2024 01:37 EDT

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The price of Bitcoin recovered above $62,000 over the weekend amid a broader crypto market rally. The leading cryptocurrency is currently up nearly 6% in the last 24 hours as it nears $63,000.

The price of Bitcoin began its rally soon after the assassination attempt of the former US President and the current Republican presidential candidate Donald Trump. The broader market rally saw a significant jump in prices of ETH, SOL, BNB, and TON.

Many meme coins related to Donald Trump also saw massive surge after the former President revealed he was shot in the upper part of his ear on the weekend.

Over $100 Million Leveraged Positions Liquidated in 24 Hours

In the last 24 hours, over 38,900 crypto traders were liquidated out of $113 million leveraged positions out of which over $90 million were short positions. Alone Bitcoin contributed to $47 million to the liquidation that occurred in the last 24 hours, as per Coinglass data.

The recent rally has come after a harsh sell-off in recent weeks in the crypto market. Bitcoin price fell as much as $53,000 earlier this month on the heels of Mt Gox redistribution of Bitcoins and the German government selling millions in the seized crypto. The rally has come as a respite to traders after a few weeks of red.

Major meme coins also saw a significant increase in their prices over the weekend. The largest meme coin by the market cap Dogecoin is up over 3% in the last 24 hours and is currently trading at $0.1176. Meme coins PEPE and Dofwifhat saw the most gains in the last 24 hours with both trading 6% higher.