This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin (BTC) experienced a significant price surge over the weekend, reaching a 19-month high. This resulted in the liquidation of millions of dollars, mostly from short positions. BTC briefly reached $39,000 on Friday evening, its highest point in over a year and a half. Although it retraced by several hundred dollars, there was anticipation among the community for another upward movement. This anticipation was realized on Saturday evening when BTC jumped by over $1,000 in minutes, coming close to $40,000 for the first time since May 2022. However, BTC has been unable to breach that level and has since dropped by around $700. Several altcoins also experienced notable surges but retraced along with BTC. Chainlink remains up by over 7%, trading above $16. Other gainers include RUNE (11%) and NEAR (6%). Ethereum (ETH), the second-largest cryptocurrency, has added 3% in value and is now above $2,100. The increased volatility has resulted in over $100 million in liquidations, primarily affecting over-leveraged traders. Most of the liquidated orders were from traders who had shorted the market. The largest liquidated order was worth $2 million and occurred on OKX.