The price of bitcoin has taken some surprising turns as this week comes to an end. This digital asset, which was struggling to hold the $20,000 price tag, finally broke out of its funk and rallied to the mid-22,000s. Naturally, this rally led to liquidations of the market. As volatility has increased in tandem with price recovery, liquidations have increased.
Over 65,000 traders are involved in rekt
Coinglass data showed that 65,000 more traders had been liquidated as of Friday morning. After bitcoin’s rapid recovery above $20,000, liquidations exploded and it was worth more than $2,000 by day’s end. Millions of dollars worth of short positions in traders were soon liquidated.
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There have been liquidations totalling more than $280 millions in the last 24 hours and this number is growing. There have been $214.74million in liquidations, which is a majority of the short-term. Long traders, however, have been hit hard with $67.35 millions in that time frame. The digital asset’s peak was in the mid $22,000s. It has since lost around $1,000.
BTC falls to below $21,000| Source: BTCUSD on TradingView.com
Bitcoin traders bear the brunt naturally of liquidations. According to data, 6,320 BTC have been lost in the last day. The total loss amounts to $135.69 Million.
Altcoins are following the Bitcoin Lead
When it comes to liquidation trends, Altcoins are closely related to bitcoin. Altcoins like Ethereum have had tens to millions of dollars liquidated over the last day. ETH’s numbers have come out to a total of 69,110 ETH, coming out to a dollar value of $84.15 million.
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Solana, (SOL), another company that has seen big liquidations is Solana. This NFT-focused startup has made a lot of noise lately. This Ethereum rival had $4.14 Million liquidated, resulting in 111.970 SOL.
Other companies such as GMT and AVAX have also seen liquidations exceeding $3 million. MATIC, XRP and SAND saw liquidations of $2.85million, $2.45million, and $2.17million, respectively.
The last 24-hours have seen about half the liquidations, with total liquidations of $137.96. Although shorts are still a large portion of liquidations due to the low price of bitcoin, longer liquidations have been increasing.
Featured image taken from MARCA. Charts from TradingView.com
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