Bitcoin Price Volatility Leads to Crypto Liquidations Exceeding $135 Million
Bitcoin has seen significant gains in the past week and month, but price volatility continues to impact leveraged crypto positions. Despite Bitcoin trading above $49,000 after eight consecutive green days, traders experienced widespread liquidations within the last 24 hours. CoinGlass reported that over $135 million was wiped out from crypto markets, affecting both long and short positions. The largest liquidation occurred on OKX exchange, with an ETH-USD pair valued at nearly $4 million. However, BTC shorts accounted for the majority of liquidated positions overall, totaling over $35 million. Ethereum ranked second, with over $13 million in longs and over $7 million in shorts stopped due to market volatility.
Bitcoin Surpasses $49,000 Mark
In the meantime, Bitcoin broke above $49,000 for the first time since January 11th. At the time of writing, BTC had increased by over 3%, and interested buyers could purchase it for around $49,700 per CoinMarketCap. This price increase was accompanied by a 26% surge in daily trading volume, with BTC transactions exceeding $25 billion across supported platforms. The market capitalization of Bitcoin also rose to $970 billion, coming close to achieving a trillion-dollar valuation. If it reaches this milestone, BTC will be the first cryptocurrency in history to do so.
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