Crypto Liquidations Top $450 Million as Bitcoin Price Eyes $100,000

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As a seasoned researcher with years of experience in the crypto market, I’ve seen my fair share of volatility and liquidations. This recent Bitcoin rally towards $100,000 is no exception, with a staggering $452 million in combined market liquidation in just 24 hours.

As an analyst, I’ve observed a substantial surge in Bitcoin‘s price approaching the $100,000 mark, which has triggered a massive sell-off across the broader cryptocurrency market. According to data from CoinGlass, the total crypto market liquidation over the past 24 hours exceeded $452 million. This event affected no less than 160,022 traders.

Bitcoin led liquidation charge

Overnight, Bitcoin’s price reached a record peak of $97,862.63 due to persistent small increases, and at this moment, it has slightly decelerated to $96,987.24, yet it still shows a growth of 3.99%.

Due to this price trend, short traders are experiencing a significantly larger amount of forced selling, resulting in losses worth approximately $91.85 million compared to $26.11 million for long traders. Bitcoin’s top liquidation run is being closely followed by Ethereum, with total losses amounting to about $66.31 million.

As a crypto investor, I’ve noticed that the moderate fluctuations Ethereum has experienced have kept liquidation levels in check. Despite Bitcoin’s surge and repeated all-time high (ATH) breakthroughs, Ethereum is still 35.73% below its own ATH of $4,891.70. However, there’s a silver lining as ETH has managed to gain 0.5%, pushing its price up to $3,139.91 at the moment.

Crypto liquidations frequently occur, especially when there’s a significant change in the value of Bitcoin or other base assets.

More liquidations ahead?

Traders who bet on short positions may find themselves facing increased concerns, as it seems that the upward trend for Bitcoin is set to persist. Firms such as MicroStrategy are actively buying more Bitcoin, contributing significantly to its rapid accumulation.

Maintaining high demand and reducing emissions due to Bitcoin halving could keep the coin climbing higher, potentially causing trouble for short sellers who may face margin calls. Although the exact peak of the Bitcoin price increase remains uncertain, many analysts are predicting a short-term spike that could surpass $100,000.

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2024-11-21 14:24