In a dramatic turn of events in the cryptocurrency market, a staggering $280.71 million worth of crypto positions were liquidated over the last 24 hours, affecting 79,153 traders. This significant market movement comes as Bitcoin approaches its all-time high, reaching $67,861.28, a 2.79% increase, edging closer to the peak of $73,686.93. Despite a slight retraction to around $67,400, the momentum underscores a robust bullish sentiment in the market.
Ethereum also witnessed a modest rise, climbing by 0.93% to $2,628.81. The distribution of liquidations saw long positions bearing the brunt, with $151.47 million liquidated, while short positions accounted for $129.24 million, according to data from Coinglass. Notably, the largest single liquidation event occurred on OKX’s ETH-USDT-SWAP, valued at a hefty $6.55 million.
The past few hours have been particularly tumultuous, with $31.73 million liquidated, predominantly from short positions which made up 73.13% of the liquidations. Binance led the exchanges during this period with $18.89 million in liquidations, 78.23% of which were short positions, as detailed in the recent market analysis.
The market capitalization for Bitcoin now stands at $1.34 trillion, with Ethereum’s market cap at $316.47 billion. Over the past week, both cryptocurrencies have posted significant gains, with Bitcoin up by 9.8% and Ethereum by 8.26%.
This wave of liquidations, particularly of short positions, suggests that traders who bet against the market were caught off-guard by the price surge, culminating in substantial losses. This trend may indicate a shift in market sentiment towards a more bullish outlook in the near term.
As the market dynamics continue to evolve, participants and observers alike are reminded of the high-risk nature of cryptocurrency trading. Those involved should conduct thorough due diligence and consider market trends and analysis, such as those discussed in our volatility reports, before engaging in trading activities.
Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of Spectrum Search. This content is provided for informational purposes only and should not be construed as financial advice. Trading in cryptocurrencies involves significant risk and can result in the loss of your invested capital. Spectrum Search assumes no responsibility for any losses incurred as a result of trading or investing based on the information provided herein.
