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Bitcoin is up 4.5% on Tuesday despite back-to-back lawsuits from the US Securities and Exchange Commission (SEC) targeting the world’s two largest crypto exchanges this week.
This phenomenon has triggered liquidation of $94 million across the market over the past day – consisting mostly of shorts.
- per data coinIn the last 24 hours, short trades of $61.5 million and long trades of $32.4 million were withdrawn. At the time of writing, bitcoin trades for $27,146.
- Looking at bitcoin trades as a whole, CoinGlass counted $30.87 million in short liquidations and $7.27 million in long liquidations.
- The liquidation wave affected 32,000 traders, with the largest liquidation order size on Binance being $5.6 million.
- Bitcoin Rally After Coinbase legal challenge stands in contrast to the sec climbing Monday following the Binance lawsuit from the SEC.
- on-chain data from blockware Shows that small BTC addresses (<1 BTC) deposited 2,545 BTC on Monday, meaning some investors may have bought the dip.
- By comparison, BNB and ADA posted relatively modest gains – the two cryptos that were directly targeted in the Binance and Coinbase lawsuits, respectively.
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