Nearly $100 Million in Liquidations as Bitcoin (BTC) Hits Weekly High

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After several days of depressing price movements, bitcoin finally went on the offensive and surged nearly $2,000 in the past 24 hours to record its highest price since June 8.

Predictably, this resulted in millions of dollars in liquidations, with short positions accounting for almost 80%.

Following the SEC’s lawsuits against the two largest crypto exchanges Binance and Coinbase as well as Wednesday’s CPI numbers and the Fed’s pivot of its interest rate hike policy, the price performance of bitcoins was quite disappointing. The asset recently posted its lowest price in three months. Altcoins, however, suffered even more and the total crypto market cap shrank by $130 billion in less than two weeks at one point. However, the bulls finally have a reason to celebrate. The last 24-48 hours have been significantly more beneficial for the overall market. BTC had recovered ground and stood at $25,500 after BlackRocks deposited a Bitcoin Spot ETF. After a slight setback yesterday and a drop to $25,200, the cryptocurrency split and soared to a 9-day high of $26,800. Needless to say, most altcoins mimicked or even outperformed BTC on a daily basis, with Solana, Polygon, Ethereum, Aptos, and Algorand surging by as much as 9%. QNT soared the most against larger cap alts, after a 20% increase. This hurt mainly short traders. The total value of liquidated positions amounts to more than $90 million on a 24-hour scale, while short traders are responsible for more than $70 million (about 80%). Bitcoin and Ethereum hold the biggest slice of the pie, with nearly $50 million out of the total $90 million, according to Coinglass. BTCUSD. Source: Trading View

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