Bitcoin's price increased by a whopping 7% in the past 24 hours - a move that left over $160 million worth of short positions liquidated.
Bitcoin’s price recovered above $20,000, painting an increase of over 7% in the past 24 hours. The rest of the market is also in the green.
This has put a dent in the short positions, leaving over $160 million liquidated.
Bitcoin’s price touched $20,800 today and increased by a considerable 7% in the past 24 hours.
The rest of the cryptocurrency market has also followed suit, but it appears that BTC is the predominant leader at the time of this writing.
Source: Binance via TradingView
This has left a considerable amount of liquidated positions – a total of $215 million for the past 24 hours.
This time, however, bears are underwater as over $160 million of the above were liquidated shorts.
Interestingly enough, BTC leads the way with over $80 million in total liquidations. This comes as a change because, over the past few weeks, ETH was leading the way in terms of derivatives volume.
The largest single liquidation order took place on OKEx, and it was a BTC-USDT swap with a face value of $3.62 million.
It’s also worth noting that the increased volatility comes a day after the European Central Bank hiked interest rates by 75 bps – a move that many consider being long-term bearish for the crypto market.
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
