Upwards of $400 million were liquidated in the past 24 hours as Bitcoin's price surged above $47K.
Bitcoin’s price shot up above $47,000 this morning – a price that we hadn’t seen since January 2nd. The volatility also took its toll on the market, leaving over $410 million worth of liquidations in the past 24 hours.
Bitcoin’s price is on a steady path forward as the cryptocurrency enters a 7th consecutive green day.
At the time of this writing, BTC trades at around $47,000 but reached as high as $47,650 earlier today (on Binance).
This is a price point that we hadn’t seen since January 2nd, when Bitcoin was going in the opposite direction.
With this surge, the cryptocurrency charts an increase of roughly 13.5% in the past seven days.
Chart by TradingView
It’s also worth noting that the increased market volatility and turmoil led to over $410 million worth of liquidated positions over the past 24 hours.
Data from Coinglass reveals that the largest single liquidation order took place on Bitmex. It was a BTC perpetual with a face value of a whopping $10 million.
Somewhat expectedly, almost 80% of the liquidated positions were short.
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
