Bitcoin Rally Triggers $638 Million Worth of Liquidations in Crypto Markets
Hundreds of millions of dollars worth of liquidations are hitting the crypto markets as Bitcoin (BTC) touches the $64,000 level for the first time since late 2021. New data from market intelligence platform Coinglass reveals that during the last 24 hours, traders saw over $638 million worth of liquidations – the majority of them being short positions.
Liquidations Across Crypto Assets
The flagship digital asset itself saw a staggering $185.62 worth of derivatives contracts evaporate at time of writing while others such as leading smart contract platform Ethereum (ETH) and dog-themed meme asset Dogecoin (DOGE) saw $77.53 million and $31.62 million, respectively. Other notable crypto assets that saw significant liquidations during the last day include ETH rival Solana (SOL), which saw $10.17 million and memecoin Pepe (PEPE), which saw $11.91 million worth of contracts disappear.
Liquidation Platforms
According to the data, most of the liquidations happened across four different centralized crypto exchange platforms, including Binance, OKX, Huobi, and Bybit.
Bitcoin’s Potential to Surpass Gold’s Market Share
In a new thread, Hunter Horsely, the CEO of Bitwise Invest, tells his 31,300 followers on the social media platform X that, amid its rally, BTC looks primed to chip away at gold’s total addressable market (TAM), which is the maximum possible revenue that can come from a financial product.
- Horsley believes that Bitcoin could eat into gold’s TAM faster than expected.
- He predicts that a $250k Bitcoin could happen sooner than many people think.
- Horsley attributes this potential to the accessibility of Bitcoin through ETFs, which make it available to any investor with the click of a button.
Analyst Bullish on Bitcoin’s Rally
Widely followed crypto analyst DonAlt said that BTC’s big move marks Bitcoin’s “final resistance” before reaching new all-time highs. He remains bullish on the crypto king until it suffers a sharp reversal. Bitcoin is trading for $63,235 at the time of writing, an 8.2% gain during the last 24 hours.
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Hot Take: Bitcoin’s Rally Sparks Massive Liquidations
The recent surge in Bitcoin’s price has triggered a wave of liquidations in the crypto markets. Over $638 million worth of liquidations were recorded in the past 24 hours, with short positions being hit the hardest. The liquidations were spread across various cryptocurrencies, including Ethereum and Dogecoin. Binance, OKX, Huobi, and Bybit were the main platforms where these liquidations occurred.
Hunter Horsely, CEO of Bitwise Invest, believes that Bitcoin’s rally could lead to it surpassing gold’s market share. He predicts that a $250k Bitcoin could become a reality sooner than expected. Horsely attributes this potential to the accessibility of Bitcoin through ETFs, which have made it available to any investor.
Analyst DonAlt remains bullish on Bitcoin’s rally, viewing its current move as the “final resistance” before reaching new all-time highs. Bitcoin is currently trading at $63,235, representing an 8.2% gain in the last 24 hours.
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