Total Liquidations Cross $150 Million As Bitcoin Climbs Above $26,000
Regardless of the movement of the Bitcoin (BTC) market, traders’ positions are still recording some ebb and flow. While some are in profit, others are writing down losses. According to data provider Coinglass, there has been a record of more Bitcoin traders with losses over the past 24 hours.
Notably, Bitcoin traders that are currently recording losses even amid the crypto market’s upward trend are traders that have short(ed) Bitcoin in the hope that the asset’s price is going to move in a downward trend sooner or later.
Total Liquidation Surpasses $150 Million
Data from Coinglass shows that approximately 45,309 traders have been liquidated over the past 24 hours, with the total liquidations coming in at a record of $158 million, at the time of writing.
Out of all the crypto exchanges involved tracked by the data aggregator, Binance recorded the largest amount of liquidations of $47 million in the last 24 hours.
This shouldn’t be a surprise given the exchange’s large trader volume than other crypto exchanges in the market. Furthermore, the data shows out of the total liquidations valued at $158 million, around $122 million accounts for 77% of shorts that were liquidated in the last 24 hours.
Interestingly, long liquidations were also recorded over the same period despite the market’s bullish trend. About $36 million in long liquidations was recorded accounting for nearly 30% of the total liquidation in the past 24 hours. The largest single liquidation recorded in the same period was an XBT-USD swap valued at $4.74 million which took place on Bitmex.
Meanwhile, according to the data, out of the $122 total liquidation, nearly $84 million comes from Bitcoin shorts. This indicates traders’ sentiments of a continued bearish trend from the top crypto following the slight retracement yesterday which made Bitcoin price trade below $25,000.
Bitcoin Climbs Above $26,000
Over the past 24 hours, Bitcoin has surged by 7% to trade above $26,000 with a price of $26,820, at the time of writing. Though the top crypto saw a slight retracement yesterday which pushed its price to trade as low as $23,375, the asset has seen a bullish trend since then.
Bitcoin price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com
Meanwhile, over the past week, Bitcoin dominance has spiked to June 2022 levels at around 43% as of March 17. This surge in dominance comes at a time when customers from traditional banks seek a reputable store of value amid the US banking crisis.
Bitcoin has also added more than $100 billion to its market cap in the past week, up by 31%. This has not only pushed its market dominance to high levels but has also aided the global crypto market cap spike to revisit the $1 trillion mark at a value of $1.1 trillion at the time of writing, up by nearly 5.4% in the last 24 hours.
Featured image from iStock, Chart from TradingView
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