Bitcoin rises above $21,000 as market sees around $300 million in liquidation

The positive performance of Bitcoin and other major crypto assets over the past 24 hours has led to nearly $300 million in liquidations.

According to Coinglass data, the liquidation affected 92,465 traders leading to $286.14 million in losses. Most of the liquidation occurred on Bitcoin and Ethereum.

Traders in short positions liquidated

Bitcoin traders recorded $103.73 million in liquidations, while Ethereum liquidation in the last 24 hours is $71.66 million.

However, LUNA was a surprise inclusion with over $40 million in liquidations. LUNA 2 also grossed $9.87 million. ETC saw $8 million, and LUNA Classic liquidations were around $6 million.

The largest single liquidation occurred on the OKEX BTC-USDT-SWAP, with a value of $3.92 million. OKEX, FTX and Binance recorded more than $200 million in liquidations.

Most of the liquidations came from short positions. As the crypto markets rallied, the prices of most cryptocurrencies rose faster than many traders anticipated. But there were also traders with long positions who were liquidated.

LUNA increased by 183% in 24 hours

Over the past 24 hours, Bitcoin has gained 3.2% and is now trading above $21,000 after trading below $19,000 just three days earlier.

Other cryptocurrencies, including Ethereum, ETC, Luna Classic and Luna itself, have also had similar performances.

LUNA in particular saw its value increase by 183% in the last 24 hours and is trading at $5.63. However, LUNC is down nearly 15% over the same period, despite maintaining 78% gains over the past seven days.

Overall, the industry’s market capitalization rose 1.7% in 24 hours to $1.09 trillion.

Clarity comes to crypto regulations

While the rise in the value of cryptocurrencies has already led to multi-million dollar liquidations, it has also increased optimism among investors.

The positive price development is probably the result of various macroeconomic factors and the possibility of regulations. Bitcoin’s performance and that of most cryptoassets mirrored gains in the S&P 500 and Dow Jones.

SEC Chairman Gary Gensler said he supported giving the CFTC control over regulation of non-securities assets. This means that Bitcoin and Ethereum will fall under the CFTC.

Meanwhile, the fall in the US dollar also contributed to the rally. After rising to a near 20-year high, the dollar fell 1% on Friday against other major fiat currencies.

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