Categories
Bitcoin Bitcoin ETF Bitcoin Investment Bitcoin Wallet Crypto Mining Cryptocurrency Investment HYIPs Investment News NFT Investment

Short Traders Decimated as Bitcoin Barrels Cross $43,000

Bitcoin surprised the market with its recent surge. The digital asset that was struggling below $40,000 last week took a break with an incredible rally past $44,000. It took the market and certainly traders by surprise as sell-offs are on the horizon. order of the day. Short traders kept the short end of the bat as they saw hundreds of millions liquidated the day before.

Uncontrolled Bitcoin liquidations

Short-term traders have dominated the market for some time as the value of the cryptocurrency is trending lower. This was exacerbated by the crisis between Ukraine and Russia. Bitcoin managed to hold around the $36K to $38K level without falling too far. Monday, however, would prove to be a departure from the norm as the rally caught the market by surprise.

Related Reading | Bitcoin mining is the most harmful to the environment after China’s ban, according to a study

On Monday, bitcoin broke above $44,000 in what can be described as a strong rally. Happening within minutes, short traders were caught off guard by this move. As such, millions of dollars in short positions were liquidated and $40K price barriers were broken across all exchanges.

BTC in another recovery trend | Source: BTCUSD on TradingView.com

In total, more than $100 million worth of bitcoin positions were liquidated in the last 24 hours. The last 12 hours represent around 50% of that volume as the price continues to maintain upward momentum. In total, there was $147 million in BTC liquidations in the last 24 hours. Short sales account for most of this amount, although there have been long million-dollar liquidations, but to a lesser extent.

Altcoins are not left out

Bitcoin not only saw large sell-offs in the last day, but altcoins also saw large sell-off volumes during the same period. Naturally, bitcoin has seen the most sell-offs, but this is to be expected as it is the most valuable asset on the market. However, this does not mean that the altcoins avoided the attack, as they also recorded more than $100 million in liquidations.

Related Reading | TA: Bitcoin is up over 12%, why this could be a big trend reversal

Ethereum leads the altcoin selloffs as $58 million was recorded in the last day. Like Bitcoin, shorts were the main contributors to this number as ETH also rallied to $3,000.

Crypto deals top $300 million in 24 hours | Source: Coinglass

An unlikely candidate, Luna, came in third place in terms of sales. The native token of the Terra blockchain has had $14 million in liquidations in the last 24 hours, of which more than $6 million has been registered in the last 12 hours alone. The altcoin is up more than 20% in the past day, posting one of the biggest gains in the recent rally.

Leave a Reply

Your email address will not be published.