Crypto Liquidation Hits $676 Million Amid Epic Bitcoin Breakout

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As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrencies, I find myself both intrigued and cautiously optimistic about the recent market developments. The massive liquidation of $676 million in just 24 hours is indeed a stark reminder of the volatility that characterizes this space.

Over the past day, data from CoinGlass shows that a total of approximately $676 million worth of cryptocurrency has been sold off or “liquidated.” This liquidation event coincides with a significant surge in the value of Bitcoin (BTC), which exceeded $100,000, marking a major breakthrough.

Bitcoin leads crypto liquidation falloff

Over the last day, a staggering 208 million and 238 thousand traders saw their trades closed (liquidated), resulting in a massive total of $676,210,000 being wiped out. The majority of these liquidations, approximately $372,790,000, were from long positions, while short positions accounted for slightly less at around $303,420,000.

In simpler terms, the largest amount of assets being sold off or “liquidated” is associated with Bitcoin, totaling approximately $182.52 million. According to data from CoinGlass, the majority of these liquidations occurred among traders who had bet on a decrease in Bitcoin’s price (short position). Specifically, around $134.82 million BTC was liquidated for those with short positions, while traders with long positions (who predicted an increase) suffered a loss of about $47.69 million.

In a similar fashion to Bitcoin, Ethereum had more short positions worth approximately $61.15 million being liquidated compared to long positions of around $31.01 million. On the other hand, XRP exhibited the opposite trend, with long traders liquidating around $39.41 million while short traders only liquidated around $16.49 million. The total amount liquidated for Ethereum was about $92.16 million, and for XRP, it was approximately $55.90 million.

It’s clear that OKX, Binance, and Bybit are the top three platforms with the highest liquidation amounts. The combined total for these exchanges was a staggering $682 million, with OKX leading at $260 million, followed by Binance at $163 million, and Bybit at $159 million.

What’s next for market?

Over the last seven days, Bitcoin has shown a strong upward trend. It reached an all-time high on December 4th, surpassing the symbolic barrier of $100,000 per coin. Some financial analysts suggest that this surge may have sparked excessive enthusiasm among traders.

In contrast to these reductions, the data indicates a significant increase in Bitcoin’s market volume by approximately 88.2% to reach $128.2 billion, as investor interest persists. The price has maintained a steady range of around $103,500 to $101,600 since it surpassed the $100,000 threshold.

In a similar fashion, Ethereum saw an uptick of 5.29%, reaching $3,930.35, and its trading volume surged by 48.21% to $65.74 billion. Meanwhile, XRP experienced a decline of 7.9% to hit $2.40, and its trading volume dropped by 26.90% to $26.58 billion. In simpler terms, Ethereum is going up while XRP is going down in terms of price and trading volume.

In the current market situation, many analysts anticipate further price surges, as Samson Mow predicts a potential Bitcoin value of one million dollars.

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2024-12-05 17:33