Bitcoin Price Jumps to $107K With All-Time High Mark in Sight

Bitcoin is inching closer to its all-time high price mark, coming closer Tuesday afternoon than it has in four months with a jump to $107,000.

The price of the leading cryptocurrency hit $107,000 on Tuesday according to CoinGecko, and bounced even higher per data from CoinMarketCap and crypto exchange Coinbase. At $107,000, Bitcoin is now less than 2% away from its all-time high mark of $108,786 set back in January on President Trump’s inauguration day.

Bitcoin has made a substantial rebound since falling to a price below $75,000 in early April amid President Trump’s brewing global trade war. However, BTC has continued to tick up in recent weeks as Trump has pulled back on trade tariffs against America’s partners and signaled trade deals with some of them.

Risk-on assets have benefited greatly from the cooling trade war, with other major cryptocurrencies gaining alongside Bitcoin.

Ethereum, for example, has surged by 58% over the last 30 days alone, with Dogecoin up 45% and Solana rising by nearly 23%. Meme coins have been some of the biggest beneficiaries, with some of last year’s biggest coins recent skyrocketing in value.

Liquidations are growing over the last 24 hours amid Bitcoin’s rising price, per data from CoinGlass, with more than half of the total $233 million worth of liquidations coming from short positions—or bets that an asset’s price will go down.

Even so, the largest share of liquidations over the past day comes from Ethereum, with long liquidations making up the majority of the $69 million worth of ETH positions.