Crypto Market Bloodbath: $700,000,000 Evaporated, Bears Go Extinct

Key Points

1. Bitcoin surged past $122,000, setting a new record and becoming one of the top five global assets with a valuation exceeding $2.04 trillion.

2. Approximately $732 million was liquidated in the past day, with shorts suffering over $600 million in losses compared to $116 million for longs.

3. Bybit and Binance accounted for over half of all liquidations, with ongoing margin calls visible in real-time for Bitcoin and Ethereum pairs.

4. The U.S. GENIUS Act, among other crypto bills, is set to be considered by Congress from July 14-18, potentially acting as a major market catalyst.

5. Ethereum broke through $2,800, signaling a potential rally toward $4,000, while XRP approached but did not reach $3.