Bitcoin Rally Liquidates $300 Million in Short Crypto Positions
Bitcoin (BTC) and other digital assets have witnessed a strong comeback in recent days after suffering a major correction over the past eight months. As a result, bearish crypto traders took a significant hit as more than $300 million in short crypto trading positions have been liquidated in the last 24 hours.
According to Coinglass, a large percentage of liquidations have occurred across the Ethereum network as the world’s second most valuable digital asset hit a high of $1,770 on Thursday, its highest level in nearly seven weeks. About $150 million in short ETH positions have been liquidated in the last 24 hours. Bitcoin came in second with liquidations of $45 million of short trading positions.
In total, 114,070 crypto trading positions have been liquidated in the last 24 hours. The largest single liquidation order occurred on Bitfinex. In addition to Bitcoin and Ethereum, digital assets such as Ethereum Classic, Solana, Shiba Inu and Cardano saw significant volatility yesterday.
Bullish sentiment
The crypto market capitalization has increased by more than $100 billion in the past few days. The latest surge on Thursday added nearly $50 billion to the total market capitalization of digital currencies.
Commenting on developments across the crypto market, Ben Small, analyst at GlobalBlock said: “BTC bounced back above the $23,000 mark, placing the market leader comfortably within its higher ranges of the past 6 weeks. ETH has jumped as much as 13% since the announcement hit the mid-$1.7k level, a level it has struggled to break since early June as well.Defi tokens have also reacted strongly, with Aave establishing its price above the $92 mark (nearly a 40% increase in the month of June ) and Uniswap climbing by 21%.”
Currently, Bitcoin is trading near $23,900 while Ethereum is hovering around $1,730.
Bitcoin (BTC) and other digital assets have witnessed a strong comeback in recent days after suffering a major correction over the past eight months. As a result, bearish crypto traders took a significant hit as more than $300 million in short crypto trading positions have been liquidated in the last 24 hours.
According to Coinglass, a large percentage of liquidations have occurred across the Ethereum network as the world’s second most valuable digital asset hit a high of $1,770 on Thursday, its highest level in nearly seven weeks. About $150 million in short ETH positions have been liquidated in the last 24 hours. Bitcoin came in second with liquidations of $45 million of short trading positions.
In total, 114,070 crypto trading positions have been liquidated in the last 24 hours. The largest single liquidation order occurred on Bitfinex. In addition to Bitcoin and Ethereum, digital assets such as Ethereum Classic, Solana, Shiba Inu and Cardano saw significant volatility yesterday.
Bullish sentiment
The crypto market capitalization has increased by more than $100 billion in the past few days. The latest surge on Thursday added nearly $50 billion to the total market capitalization of digital currencies.
Commenting on developments across the crypto market, Ben Small, analyst at GlobalBlock said: “BTC bounced back above the $23,000 mark, placing the market leader comfortably within its higher ranges of the past 6 weeks. ETH has jumped as much as 13% since the announcement hit the mid-$1.7k level, a level it has struggled to break since early June as well.Defi tokens have also reacted strongly, with Aave establishing its price above the $92 mark (nearly a 40% increase in the month of June ) and Uniswap climbing by 21%.”
Currently, Bitcoin is trading near $23,900 while Ethereum is hovering around $1,730.
