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Bitcoin surged past $116,000 for the first time, marking a 4.8% increase in 24 hours. This surge resulted in over $560 million in crypto liquidations in a single hour, primarily impacting Bitcoin shorts. Total liquidations in the last 24 hours exceeded $912 million. The rally is attributed to ETF inflows, institutional demand, and a risk-on market environment anticipating Fed rate cuts. Other cryptocurrencies like Ethereum, Dogecoin, and XRP also experienced significant gains.

Prepared by Christopher Adams and reviewed by editorial team.