2023-4-11 11:15 |
Bitcoin’s (BTC) brief jump toward $30,000 led to more than $106 million in liquidations for short traders in the last 24 hours, according to Coinglass data.
The overall crypto market saw $173 million in liquidation during the period, mostly from traders holding short positions against BTC and other cryptocurrencies.
Source: CoinglassMost of the liquidations occurred on Huobi, Binance, and OKX. The three exchanges accounted for almost 80% of the overall liquidations — of which 87% were short positions. Other exchanges like Bybit, CoinEx, and Bitmex also recorded a sizeable amount of the total liquidations.
According to Coinglass, 31,113 traders were liquidated — with the most significant liquidation being an $11 million BTC-USDT short position on Huobi.
Other liquidated assets include Ethereum (ETH) and Litecoin (LTC) — with $29 million and $2.8 million, respectively. Others like Solana (SOL) saw $2.64 million in liquidation, while Arbitrum (ARB) recorded $2.27 million.
BTC briefly spikes above $30,000Meanwhile, Bitcoin rose by 6.4% in the last 24 hours to reach $30,000 for the first time in almost a year, according to CryptoSlate data.
In the last 24 hours, the flagship asset saw more inflows than outflows on exchanges. According to Glassnode data, $757.7 million BTC was sent to exchanges, while $734.4 million was withdrawn. This led to a positive netflow of $25 million.
Meanwhile, the favorable price movement appears to have drawn more retail traders to the asset as more addresses are holding at least 0.1 BTC than ever before — reaching a new all-time high of 4,307,269 earlier today, according to Glassnode data.
The improved price performance coincided with a recent statement from U.S. presidential candidate Robert Kennedy who said cryptocurrencies like Bitcoin could protect holders from government overreach and central bank digital currencies (CBDCs)
Kennedy said:
“Cryptocurrencies like Bitcoin give the public an escape route from the splatter zone when this bubble invariably bursts.”
The post Bitcoin’s $30k price spike liquidates over $170M appeared first on CryptoSlate.
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