The enhanced price fluctuations in the entire crypto market resulted in over $300 million worth of liquidations. Bitcoin’s 15% price surge, for one, became its largest one in over a year.
- The “special military operation” launched by Russian President Vladimir Putin against its western neighbor caused massive disruptions in financial markets last week.
- Bitcoin, being a highly volatile and free-market asset, dumped by about $5,000 in a day to a monthly low of just over $34,000.
- However, the cryptocurrency recovered just as rapidly on the following day as no other country wanted to be directly involved in the ongoing war between the two former Soviet states.
- This led to a period of consolidation for BTC as the asset remained around $38,000 for a few days. Yesterday, though, the situation changed.
- BTC went on a tear from its aforementioned level, broke above $40,000, and kept climbing to a 12-day high at just over $44,000.
- By surging by more than 15% in a day, bitcoin recorded its most significant daily price increase since February 2021, when it pumped by almost 20%.
- Most altcoins have produced even more substantial gains, leading to a large number of liquidations. According to data from Coinglass, more than 60,000 traders were wrecked in the past day, and the total liquidations are over $300 million.
- The single largest liquidation order (worth over $11 million) happened on Binance and actually involved THETA, which is up by more than 20% in a day.