Bitcoin and Ethereum saw more than $50 Million in short sales in the last 24 hours. This was as prices surged up to new multi-week heights.
Over $58 Million in bullish positions were liquidated on the entire market. In the morning hours on Wednesday, however, Bitcoin (and other cryptocurrencies) were a major factor in driving up prices.BTC) jumping from lows of $64k to above $66k on major exchanges. Ethereum (ETHThe price of a ) grew above $3,500.
The price increase led to a large number of liquidations. data Coinglass shows. The largest portion of digital asset liquidations was due to bearish bets. Coinglass data shows that Bitcoin saw over $30 million of short liquidations alone, and Ethereum was at more than $21 million.
Other altcoins have seen large liquidations as well, including Solana which had over $4,000,000, Worldcoin, more than $4.9 Million, and XRP that saw over $4.5 Million in short positions. Pepe, a meme coin, saw its short positions liquidated for over $2.9 millions amid rising prices.
The market has recorded over $150 million worth of liquidations within 24 hours, of which more than $94 millions are shorts.
What is the bull’s position?
Since the weekend, crypto prices are generally higher. noted Analysts at Bitfinex have been predicting the price of Bitcoin and Ethereum for two months. They warned that the prices could change during this week because of ongoing pressure to sell, just as they did on Tuesday, when Bitcoin and Ethereum fell following Mt. The bears were able to drive prices lower by taking advantage of the news about Mt.
Net inflows have been on a roll. Michael van de Poppe of Crypto Analysts suggests that BTC may reach a higher high if it stabilizes at $65k.
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Source: crypto.news