Bitcoin Price Surges Above $110k: Top Reasons for Today’s Rally

After briefly flirting with corrections last week following the drama between Elon Musk and President Trump, Bitcoin prices saw a dramatic rebound. The cryptocurrency surged over 4% within the last 24 hours to reach a local high of around $110,260 on Monday, June 9th, just shy of its all-time high. This bullish trend was echoed in the wider altcoin market, as Ethereum followed suit. As a result, the total crypto Open Interest (OI) surged over 6%, now hovering at approximately $154.8 billion. Moreover, over $403 million were liquidated from the crypto-leveraged market, with Bitcoin’s portion leading the way at $197 million.