"Bitcoin's Volatility Leads to $550M in Crypto Liquidations and Nears 2021 All-Time High"

Crypto-tracked futures experienced over $550 million in losses in the past 24 hours, with leveraged bets on crypto futures increasing to over $66 billion in the past week. Bitcoin and ether saw volatile price action, briefly reaching historic highs before a sharp drop. Meme coins like dogecoin and shiba inu contributed to the losses, with bullish bets on dogecoin reaching a lifetime high. Traders expect bitcoin to surpass its all-time highs soon, with leverage likely to increase as it approaches $69,000. Funding rates on some tokens have surged to over 100% annualized, while the large moves in meme coins are seen as a potentially bearish signal.