Bitcoin Hits $122k as Short Traders Suffer Huge Losses

TL;DR

• BTC had a bullish weekend and is looking to cross the $123k mark soon.

• Bitcoin short traders lost over $30 million within an hour.

BTC Hits $122k as Altcoins Also Rally 

The cryptocurrency market was bullish over the weekend, with Bitcoin and other major cryptocurrencies in the green. Bitcoin, the leading cryptocurrency by market cap, added nearly 4% to its value in the last 24 hours.

Thanks to this rally, BTC is now trading at $122,121 and is now closing in on its all-time high price of $123k. The rally comes as the broader crypto market recovered from last week’s bearish trend.

The market rally began last week when President Trump signed a new order that allowed cryptocurrency investments in 401(k) retirement plans. The order allows for private equity investments and is set to increase the scope of what retirement plan providers can direct funds to. The increased adoption could catalyze crypto prices to soar higher while also integrating cryptos with the broader financial system.

The Trump administration has been rolling out positive cryptocurrency policies since the start of the year. With increased adoption by retail and institutional investors, Bitcoin’s price could soar higher over the coming months and years.

Thanks to the ongoing rally, over $30 million worth of Bitcoin shorts have been liquidated in the past 60 minutes.

JUST IN: $30,000,000 worth of Bitcoin shorts liquidated in the past 60 minutes.

— Watcher.Guru (@WatcherGuru) August 11, 2025

Altcoins have also been recording gains. Ether pumped massively over the weekend and now trades above $4,300 per coin. With the market recording gains, the total crypto market cap now stands at $4.05 trillion.