Bitcoin surged past $106,000 over the weekend, reaching nearly $107,000 for the first time since the previous Tuesday, as it climbed from under $102,000 to a multi-day peak. This price resurgence was fueled by a promise from US President Trump that numerous Americans, excluding high-income individuals, would receive dividends of at least $2,000, historically linked to potential inflows into cryptocurrency markets.
Amid this explosive move, over-leveraged traders faced severe consequences. James Wynn, a popular trader tracked by Lookonchain, suffered 12 liquidations in just 12 hours, wiping out over $85,410 and reducing his account balance to a mere $6,010. This incident brings his total liquidations to 45 over the past two months, despite a rare winning trade that he failed to secure by continuing to short Bitcoin during the rebound.
The broader crypto market followed suit, with altcoins like WLFI soaring nearly 30%, followed by PUMP (16%), ZEC (16%), and UNI (14%). According to CoinGlass, total liquidations over the past day amounted to $360 million, with more than $260 million coming from short positions, affecting approximately 120,000 traders.
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