Over $160 Million Shorts Liquidated as BTC Pushes $22K, ETH Above $1.4K

The cryptocurrency market continues recovering, and over the past few days, it has gained a total of $150 billion to its capitalization, which now stands above $1 trillion.

• Bitcoin’s price is currently trading around $22,000, charting an increase of about 5% in the past seven days and 2.1% in the past 24 hours.

• Ethereum, on the other hand, is the absolute leader in terms of price performance over the past days, up 22.6% on the week and 5.5% in the past day.
• This has led to over $250 million in total liquidations, more than $160 million of which were of short positions – somewhat expectedly.
• Data from Coinglass reveals that the largest single liquidation order took place on FTX, and it was an ETH perpetual contract with a face value of $2.83 million.
• ETH is also in the lead in terms of overall liquidations over the past 4 hours, with 65K worth of it getting liquidated (a total of around $94 million).
• In aggregation, 64% of the positions that were liquidated were short across the most prominent exchanges, with the biggest liquidation volume being on OKX.