Traders liquidated $193m in crypto amid Bitcoin’s surge

Cryptocurrency traders liquidated almost $193 million over the past 24 hours as Bitcoin hit a 20-month high.

According to Coinglass data, traders closed orders worth $74 million for Bitcoin (BTC) and $29 million for Ether (ETH), with several alt-coins also witnessing notable gains.

Traders liquidated $193m in crypto amid Bitcoin's surge - 1
Source: Coinglass

On Dec. 4, BTC crossed the $41,000 mark an increase of 5.5% over the past 24 hours. ETH followed as did the other largest alt-coins by market capitalization.

Notably, the price of Dogecoin (DOGE) was up 6%, Ripple (XRP) was up 2%, and Solana (SOL) was up 1.5%. In total, traders liquidated $2.3 million in DOGE, $1.38 million in XRP and $4.6 million in SOL.

The largest number of positions were liquidated on Binance, which saw 38.82% in liquidations. In second place was OKX with a share of 27.04% and in third place was Huobi with a share of 11.39%.

On Dec. 4, BTC shot above $41,000, reaching a 20-month high. In just the past year, Bitcoin has increased by more than 145%.

Traders liquidated $193m in crypto amid Bitcoin's surge - 2
Source: CoinMarketCap

Noticeable changes in the cryptocurrency market are associated with two factors. The first is the hotly anticipated approval of a a spot Bitcoin exchange traded fund, or ETF, which is an open-ended fund with a more dynamic share issuance system allowing institutional investors to enter the market. The second is the situation with U.S. Federal Reserve interest rates, which currently stand at 5.25%-5.5%. When the Federal Reserve raises interest rates, it generally signals a tightening of monetary policy. Higher interest rates can reduce liquidity in the market, making riskier assets like Bitcoin less attractive.

Follow Us on Google News


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *