Total Liquidations Pass $150 Million As Bitcoin Climbs Above $26,000

Regardless of the movement of the Bitcoin (BTC) market, traders’ positions still register some ebb and flow. While some make a profit, others write down losses. According to data provider Coinglass, several Bitcoin traders have been recorded with losses over the past 24 hours.

Especially Bitcoin traders who are currently recording losses even in the middle the crypto market’s upward trend are traders who short(ed) Bitcoin in the hope that the asset’s price is going to move in a downtrend sooner or later.

Total liquidation exceeds $150 million

Data from Coinglass shows that approximately 45,309 traders have been liquidated in the last 24 hours, with the total liquidation coming in at a record $158 million at the time of writing.

Of all involved crypto exchanges tracked by the data aggregator, Binance recorded the largest amount of liquidations of $47 million in the last 24 hours.

This should not be a surprise given the exchange’s large trading volume than other crypto exchanges in the market. Furthermore, the data shows of the total liquidations valued at $158 million, around $122 million constitutes 77% of the shorts liquidated in the last 24 hours.

Interestingly, long drawdowns were also recorded during the same period despite the market’s bullish trend. About $36 million in long liquidations were recorded and accounted for nearly 30% of the total liquidation in the last 24 hours. The largest single liquidation recorded during the same period was an XBT-USD swap valued at $4.74 million that took place on Bitmex.

Meanwhile, according to the data, of the total liquidation of $122, almost $84 million comes from Bitcoin shorts. This indicates traders’ sentiments of a continued bearish trend from the top crypto after yesterday’s slight pullback that saw the Bitcoin price trade below $25,000.

Bitcoin climbs above $26,000

Over the past 24 hours, Bitcoin has gained another 7% trade over $26,000 with a price of $26,820, at the time of writing. Although the top crypto saw a slight pullback yesterday that pushed its price to trade as low as $23,375, the asset has seen a bullish trend since then.

Meanwhile, Bitcoin has dominated the past week increased to June 2022 levels of around 43% as of 17 March. This increase in dominance comes at a time when customers from traditional banks are seeking a recognized store of value amid the US banking crisis.

Bitcoin has also added more than $100 billion to its market cap in the past week, up 31%. This has not only pushed market dominance to high levels, but has also helped the global crypto market cap re-enter $1 trillion to a value of $1.1 trillion at the time of writing, up nearly 5.4% in the last 24 hours.

Featured image from iStock, chart from TradingView