Massive Liquidation in Cryptocurrency Market: Over $367 Million Liquidated in 24 Hours
In a shocking turn of events, over $367 million in cryptocurrency has been liquidated in the past 24 hours as the crypto market seems to be experiencing major gains across the entire sector, according to data by Coinglass.
The liquidations for BTC and ETH alone sit at $140 million and $120 million, respectively, as the market continues to rocket upwards, benefitting from short liquidations from last week.
Bitcoin alone has seen over 36% of total hedged and unhedged shorts liquidated in the last 24 hours, adding to the speed of this price action. The news of SVB bank collapsing and not receiving a bailout seems to have benefited the crypto space, which may explain some of the major losses earlier in the week this last month. Banks and investors hedged against the bank and covered positions, which led to losses in the market.
Further price action to the upside seems to be holding strong for the short term, as most coins are nearing 15% or higher gains on the day. CoinMarketCap’s data reveals that Bitcoin experienced an impressive 17.5% surge, breaching the $23,000 mark and reaching $24,200 in trading. Ethereum also saw an increase of 14.1%, reaching $1,680, and BNB climbed by 12.4% to $311. We may see a retest of some key levels in the coming week, but it is expected that volatility will continue to stay fairly high.
However, there are still many financial woes to work through with legacy banking that has further tied itself to the larger crypto market, and those functions and decisions will make waves, especially among the whales. Overall, it is expected that there will be a short pullback at some point soon, followed by a run to retesting early month highs.
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