Nearly $100 Million in Liquidations as Bitcoin (BTC) Soars to Weekly High

After several days of disappointing price action, bitcoin finally turned on the offensive and surged to nearly $2,000 in the last 24-hours, registering its highest price tag since June 8.

As expected, this has resulted in millions of dollars worth of liquidations, with short positions representing approximately 80%.

• Following SEC lawsuits against two of the largest crypto exchanges – Binance and Coinbase – as well as CPI numbers from Wednesday and the pivot from the Fed’s interest rate hiking policy, bitcoin’s price performance was notably subdued.
• The property has recently charted its lowest price in over three months. However, altcoins suffered even more, and at one point had lost $130 billion in total crypto market cap in less than two weeks.
• However, the bulls finally have a reason to celebrate. Last 24-48 hours have been very beneficial for the overall market.
• BTC gained some ground and stood at $25,500 after BlackRock filed for the Bitcoin Spot ETF. After suffering minor setbacks yesterday and falling to $25,200, the cryptocurrency broke out and reached a 9-day high of $26,800.
• Needless to say, most altcoins have mimicked or even outperformed BTC on the daily scale, with Solana, Polygon, Ethereum, Aptos, and Algorand all jumping up to 9%. QNT is the biggest gainer among large-cap alts after rallying 20%.
• Most of the short traders have suffered losses due to this. The total value of liquidated positions is over $90 million on a 24-hour scale, while smaller traders account for over $70 million (about 80%).
• Bitcoin and Ethereum have the largest share of the pie, about $50 million out of the entire $90 million, According to CoinGlass.

After several days of disappointing price action, bitcoin finally turned on the offensive and surged to nearly $2,000 in the last 24-hours, registering its highest price tag since June 8.

As expected, this has resulted in millions of dollars worth of liquidations, with short positions representing approximately 80%.

• Following SEC lawsuits against two of the largest crypto exchanges – Binance and Coinbase – as well as CPI numbers from Wednesday and the pivot from the Fed’s interest rate hiking policy, bitcoin’s price performance was notably subdued.
• The property has recently charted its lowest price in over three months. However, altcoins suffered even more, and at one point had lost $130 billion in total crypto market cap in less than two weeks.
• However, the bulls finally have a reason to celebrate. Last 24-48 hours have been very beneficial for the overall market.
• BTC gained some ground and stood at $25,500 after BlackRock filed for the Bitcoin Spot ETF. After suffering minor setbacks yesterday and falling to $25,200, the cryptocurrency broke out and reached a 9-day high of $26,800.
• Needless to say, most altcoins have mimicked or even outperformed BTC on the daily scale, with Solana, Polygon, Ethereum, Aptos, and Algorand all jumping up to 9%. QNT is the biggest gainer among large-cap alts after rallying 20%.
• Most of the short traders have suffered losses due to this. The total value of liquidated positions is over $90 million on a 24-hour scale, while smaller traders account for over $70 million (about 80%).
• Bitcoin and Ethereum have the largest share of the pie, about $50 million out of the entire $90 million, According to CoinGlass.