In a stunning turn of events, the world’s most popular cryptocurrency, Bitcoin, surged to an all-time high of $27 thousand in just one hour, causing a chain reaction of liquidations that totaled over $150 million. The sudden spike caught many traders off guard, causing panic selling and triggering a wave of automatic stop-loss orders.

The surge in Bitcoin’s value was attributed to a number of factors, including increasing adoption by institutional investors and growing interest in the cryptocurrency as a store of value. Some analysts also pointed to the recent US government stimulus package and the resulting inflationary pressures on the US dollar as contributing to the surge in Bitcoin’s value.

However, the rapid rise in price also created a volatile trading environment, with many investors scrambling to exit their positions before they suffered significant losses. The liquidations resulted in a significant drop in Bitcoin’s value, with the cryptocurrency ultimately settling at around $23 thousand.

Despite the rollercoaster ride, many cryptocurrency enthusiasts remain bullish on Bitcoin’s long-term prospects, citing its decentralized nature, limited supply, and increasing mainstream adoption as key factors that will continue to drive its growth in the years to come.