Bitcoin soared above $21,000 as the market sees around $300 million in liquidation

Bitcoin soared above ,000 as the market sees around 0 million in liquidation


The positive performance of Bitcoin and other major crypto assets in the past 24 hours has resulted in nearly $300 million in liquidation.

according to Coinglass The liquidation affected 92,465 traders, resulting in losses of $286.14 million. Most of the liquidation occurred on Bitcoin and Ethereum.

Liquidation of merchants in sales centers

Bitcoin traders recorded $103.73 million in liquidations, while Ethereum liquidations in the last 24 hours reached $71.66 million.

However, LUNA was a surprising listing with more than $40 million in liquidations. LUNA 2 also recorded $9.87 million. ETC saw $8 million, and the liquidation of LUNA Classic was nearly $6 million.

The largest single liquidation occurred on OKEX BTC-USDT-SWAP, with a value of $3.92 million. OKEX, FTX, and Binance have recorded more than $200 million in liquidation.

Most liquidation resulted from short positions. With the recovery of the cryptocurrency markets, the prices of most digital currencies have risen faster than many traders imagined. But there were also traders with liquidated long positions.

LUNA rose by 183% in 24 hours

In the past 24 hours, bitcoin has increased by 3.2% and is now trading at over $21,000 after trading below $19,000 just three days ago.

Other cryptocurrencies, including Ethereum, ETC, Luna Classic, and Luna itself, have also performed similarly.

LUNA, in particular, has seen an 183% increase in its value in the past 24 hours and traded at $5.63. However, LUNC is down about 15% over the same period, despite maintaining a 78% gain in the past seven days.

Overall, the industry’s market capitalization rose 1.7% in 24 hours to $1.09 trillion.

Clarity is coming to coding regulations

While the surge in the value of cryptocurrencies has already led to multi-million dollar liquidations, it has also fueled optimism among investors.

Positive price performance is likely due to various macroeconomic factors and the possibility of regulations. The performance of Bitcoin and the performance of most crypto assets reflected the rise in the S&P 500 and Dow Jones.

Securities and Exchange Commission Chairman Gary Gensler said he supports giving the CFTC control over the regulation of non-securities assets. This means that Bitcoin and Ethereum will fall under the jurisdiction of the CFTC.

Meanwhile, the decline in the US dollar also contributed to the rally. After rising to nearly 20 years, the dollar has soared Drops By 1% on Friday against other major currencies.

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