Total Liquidations Cross $150 Million As Bitcoin Climbs Above $26,000
Regardless of the movement of the Bitcoin (BTC) market, the positions of traders are still recording some ebb and flow. While some are in profit, others write off losses. According to data provider Coinglass, there have been more loss-making Bitcoin traders in the last 24 hours.
It is noteworthy that bitcoin traders, who are currently taking losses even amid crypto market uptrend These are traders who short bitcoin in the hope that the price of the asset will sooner or later start to move in a downtrend.
The total liquidation amount exceeds $150 million
Data from Coinglass shows that approximately 45,309 traders have been liquidated in the past 24 hours, with total liquidations at the time of writing a record $158 million.
Of all the involved crypto exchanges tracked by the data aggregator, Binance recorded the largest amount $47 million worth of liquidations in the last 24 hours.
This should not come as a surprise given the greater volume of traders on the exchange than on other cryptocurrency exchanges on the market. In addition, the data shows that of the total $158 million in liquidations, about $122 million is accounted for by 77% of short positions that were liquidated in the last 24 hours.
Interestingly, during the same period, there were also cases of liquidation of long positions, despite the bullish trend of the market. Nearly $36 million in long liquidations have been registered, which is almost 30% of the total liquidations in the last 24 hours. The largest single liquidation recorded during the same period was a $4.74 million XBT-USD swap that occurred on Bitmex.
Meanwhile, according to the data, out of the total liquidation of $122, almost $84 million is due to bitcoin shorts. This is indicative of traders’ sentiment for an ongoing bearish trend from the top cryptocurrency following a slight recovery yesterday that saw the price of bitcoin trade below $25,000.
Bitcoin Climbs Above $26,000
Over the past 24 hours, Bitcoin is up 7% to trade above $26,000 priced at $26,820 at the time of writing. Although the top cryptocurrency pulled back slightly yesterday, causing its price to drop to $23,375, the asset has been in a bullish trend ever since.
Meanwhile, over the past week, the dominance of bitcoin rose to the level of June 2022 at around 43% as of March 17th. This surge in dominance comes at a time when traditional bank customers are looking for a safe store of value amid the US banking crisis.
Bitcoin has also increased its market capitalization by more than $100 billion in the last week, up 31%. Not only has this pushed its market dominance to a high level, but it has also helped the global crypto market capitalization surge to revisit the $1 trillion mark to $1.1 trillion at the time of writing, up 5.4% from the last 24 hours.
Featured image by iStock, chart by TradingView
Credit : www.newsbtc.com