Liquidations Continue To Rock The Market As Bitcoin Breaks $47,000
Bitcoin liquidations had ramped up on Monday as the price of the digital asset had gone up drastically. These traders had been liquidated very fast with millions of dollars gone in a matter of minutes. However, it did not end there, given that the price of the cryptocurrency has not slowed down since then. And as the price of bitcoin has continued to grow, the liquidations have not slowed down either.
Bitcoin Liquidations On The Rise
Although the current liquidations are not as high as that recorded on Monday, they are still significant nonetheless. These liquidations had touched as high as $140 million for bitcoin, and once again have beat the $100 million mark in 24 hours.
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Most of these are short traders who had bet on the price of bitcoin coming down. As always, the market will do what it does and had gone in the opposite direction. But even after the expected slow down after surging past $46,000. Instead, the digital asset had continued on its recovery trend. After successfully breaking above $47,000, the short liquidations had ramped up once more.
BTC settles above $47,000 | Source: BTCUSD on TradingView.com
In the last 12 hours, BTC alone has seen more than $14 million in liquidations. While the 24-hour time frame paints a grimmer picture. Over $119 million in liquidations have been recorded in the past day. Most of these have been from short traders who have been betting against the recovery trend. As the price of BTC barrels toward $48,000 once more, the short liquidation trend may be far from over.
Ethereum Traders Get Rekt
In the past day, Ethereum traders have gotten the short end of the stick compared to bitcoin traders. These short traders saw the worst of it as more than $25 million was lost in less than an hour. It quickly put ETH ahead of the curve when it comes to liquidations given that most of the liquidations have come from ETH traders.
For the largest single liquidation in the past day, ETH also took the cake. This time around, there was a single trade worth $10.10 million that was liquidated. This took place on the FTX exchange across the ETH-PERP trading pair. It ran up the numbers for Ethereum, with $25.07 million and $50.41 million liquidated in the past one and four hours respectively at the time of writing this article.
ETH liquidations surpass bitcoin | Source: Coinglass
On the 12-hour scale, there have been a total of $55.70 million in liquidations for Ethereum. Additionally, the number for the last 24 hours now sits at $145.47 million, more than $20 million higher than that recorded for bitcoin.
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Total market liquidations have all come out to $441.11 million in the last day. With a total of 84,388 traders liquidated and counting.
Featured image from MARCA, chart from TradingView.com