After a few weeks of trading sideways within a relatively tight range that had $110,000 as the upper boundary, bitcoin’s price finally broke above it and charted a fresh all-time high at $112,000.

Many altcoins mimicked BTC’s rally, which resulted in roughly $500 million worth of liquidations on a 24-hour scale across the market.

After the peak reached on Bitcoin Pizza Day (May 22), the primary cryptocurrency started to lose some ground, which culminated precisely a month later with a price dump to $98,000 during the Iran-Israel war.

However, the bulls managed to contain the losses, and BTC quickly topped $100,000. In fact, the asset hasn’t traded within a five-digit price territory in over two weeks.

July started with a slight stagnation, though, as bitcoin remained stuck between $105,000 and $110,000. However, the cryptocurrency went on the offensive hard in the past few hours, breaking above the upper boundary and surging to a fresh all-time high at exactly $112,000 (on Bitstamp and many other exchanges) minutes ago.

Among the possible reasons behind today’s surge came a few hours ago when US President Trump urged the Federal Reserve to cut the rates by 300bps. Such a potential historic move is expected to benefit riskier assets like BTC and crypto.

Many altcoins have followed suit on the way north, charting gains of close to 10%. ETH, for example, has risen by more than 6% since this time yesterday and trades close to $2,800.

This volatility has harmed over-leveraged traders, resulting in more than $480 million in daily liquidations. The number of wrecked traders sits at 100,000, according to CoinGlass, most of which were from shorts.

One particular position stands out as the single-largest liquidation; it happened on HTX and was worth over $51 million.