Bitcoin Price Explodes to $29K, Leaves $150M Liquidated

Bitcoin’s price is on a path of considerable recovery, with the asset reaching almost $29,000 a few hours ago (a valuation last seen at the beginning of May).

This resulted in approximately $155 million in liquidations, with short positions representing the bigger share.

• Bitcoin has been one of the best performers in the crypto market ever since the end of last week when BlackRock filed with the US SEC to introduce a BTC Spot ETF in the States. The primary digital asset ascended from around $25,000 to nearly $26,500 shortly after the announcement.
• While the price gradually climbed in the following days, it went on a massive rally yesterday (June 20), spiking to almost $28,800 (per CoinGecko data).
• Logically, the six-week high resulted in massive liquidations. Coinglass revealed that the number had surpassed $155 million for the past 24 hours, with short traders responsible for $122 million (78% of that portion).
• Bitcoin trades accounted for over $70 million of the total share, whereas Ethereum added another $25 million.
• Currently, BTC is hovering around $28,700, while its dominance against alternative coins is at a two-year high above 50%.