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Thursday, October 6, 2022

Bitcoin Price Skyrockets Above $20K, Leaves Over $160M Shorts Liquidated

Bitcoin’s price recovered above $20,000, painting an increase of over 7% in the past 24 hours. The rest of the market is also in the green.

This has put a dent in the short positions, leaving over $160 million liquidated.

  • Bitcoin’s price touched $20,800 today and increased by a considerable 7% in the past 24 hours.
  • The rest of the cryptocurrency market has also followed suit, but it appears that BTC is the predominant leader at the time of this writing.
Source: Binance via TradingView
  • This has left a considerable amount of liquidated positions – a total of $215 million for the past 24 hours.
  • This time, however, bears are underwater as over $160 million of the above were liquidated shorts.
  • Interestingly enough, BTC leads the way with over $80 million in total liquidations. This comes as a change because, over the past few weeks, ETH was leading the way in terms of derivatives volume.
  • The largest single liquidation order took place on OKEx, and it was a BTC-USDT swap with a face value of $3.62 million.
  • It’s also worth noting that the increased volatility comes a day after the European Central Bank hiked interest rates by 75 bps – a move that many consider being long-term bearish for the crypto market.
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