The volatile price action today resulted in a total of $1.34 billion liquidated across the board, as Bitcoin peaked just shy of $45,000.
Today is yet another tumultuous day in the cryptocurrency market. The massive volatility, propelled by the fact that Elon Musk’s Tesla revealed a purchase of $1.5 billion in BTC, caused over $1.34 billion liquidated both long and short positions, though bulls had the upper hand.
Things happen quickly in the cryptocurrency market. Bitcoin was trading rather calmly earlier today, making progress towards the $40,000 level after failing to sustain it during the weekend.
However, everything changed in less than two hours.
As CryptoPotato reported, Tesla filed a Form 10-K with the SEC, disclosing a $1.5 billion investment in BTC earlier in January.
The company also revealed that it might start accepting the primary cryptocurrency as means of payment for its products later on.
This is how the price reacted:
BTC/USD, Bitstamp. Source: TradingView
The price has seemingly stabilized around $43,500, though it surged to just shy of $45,000 in less than two hours.
This has led to massive liquidations throughout the entire market – their total amount, at the time of this writing, stands at $1.33 billion for the past 24 hours.
Most of the liquidated positions, currently, are long trades.
However, in the past 4 hours (since the major price action unfolded) bulls have undoubtedly taken prevalence as 83% of the liquidations came from shorts.
The largest single-order liquidation happened on BitMEX – it was a BTC position with a face value of $10 million.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
