Liquidations Cross $200 Million Following Bitcoin’s Rise Above $19,000

The last 24 hours have been full of twists and switch for the crypto market but one thing that is very important is that bitcoin crossed $19,000. This could be the primary time that the digital asset can be reaching this price for the reason that FTX collapse triggered one other market downturn. Nevertheless, as at all times, such sudden movements available in the market would result in liquidations, and traders are feeling the warmth.

Crypto Liquidations Cross $200 Million

Over the past day, liquidations have ramped up, seeing greater than $200 million in losses for traders. This was a results of the bounce following the CPI data release, after which the next corrections which happened just as fast.

Because the CPI data had are available in exactly as expected at 6.5%, it meant that there was a flush between shorts and longs, and this flush can be present within the ratio of liquidations. Data from Coinglass shows that while short traders are still suffering essentially the most losses, the gap with longs shouldn’t be that wide as shorts made up 58% of the losses.

Market liquidations cross $200 million | Source: Coinglass

Still, this is important available in the market and if bitcoin were to proceed its upward rally, then it is probably going that the gap between long and short losses would turn into much wider. 

Additionally it is vital to notice that almost all of the liquidations actually happened on Thursday, only a few hours after the CPI release. Over 39,000 traders have seen their positions liquidated with the most important single liquidation event happening on the ETH-USDT-SWAP on the OKX exchange.

Bitcoin, Ethereum Tie For Liquidations

On a 24-hour period, the bitcoin liquidations have surpassed that of Ethereum but ever so barely. Where 4,230 BTC have been liquidated, culminating in a complete lack of $79.56 million over the time period, 51,000 ETH has been liquidation, value $71.79 million.

Because the bitcoin price looks to have settled into support above $18,000 over the past 12 hours, ETH liquidations have taken the lead with $9.08 million lost thus far in comparison with BTC’s $8.23 million for a similar time period. There have been more swings in ETH’s price during this time, which is the driving force behind more liquidations.

Ethereum surpass bitcoin liquidations

ETH liquidations surpass BTC liquidations | Source: Coinglass

Since bitcoin has now moved above its 50-day moving average but continues to struggle with its 100-day MA, there could possibly be some more wild swings to come back before the crypto market finally settles. From here, it’s more likely to be an upward swing before a correction back into the $17,000 territory.

BTC is currently trading at $18,800 on the time of this writing. Its up 4% within the last 24 hours and 12.12% in seven days.

Bitcoin (BTC) price chart from TradingView.com

BTC price rises above $19,000 for the primary time since FTX collapse | Source: BTCUSD on TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Zipmex, chart from TradingView.com

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