Bitcoin’s Soaring Price Triggers Over $482 Million in Crypto Liquidations

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Bitcoin’s ongoing surge toward the $100,000 mark has caused a wave of liquidations across the crypto market. In just 24 hours, more than $482 million worth of positions were liquidated, leaving many traders feeling the heat. Meanwhile, around 166,000 traders were caught up in this massive sell-off, with Bitcoin’s recent gains fueling the chaos.

Bitcoin Takes the Lead in Liquidations

Bitcoin is leading the charge in the current rally, pushing its price to a new all-time high of nearly $98,363. As Bitcoin continues to climb, traders who bet against it (short traders) are seeing significant losses.

In the last 24 hours alone, short traders lost over $99 million, while long traders, who are betting on the price to go higher, lost around $27 million. This notes that the volatility traders are facing as they try to predict Bitcoin’s next move.

According to data from CoinGlass, the entire crypto market, liquidations have reached a total of $482 million, with $273 million coming from long positions and $212 million from shorts. 

Ethereum Follows Bitcoin’s Lead

Ethereum, the second-largest cryptocurrency, is also feeling the pressure. While Ethereum hasn’t seen as severe liquidations as Bitcoin, it’s still been impacted. In the past 24 hours, Ethereum saw $70 million worth of liquidations. 

The price of Ethereum is currently around $3,240, up a small amount from the previous day, but it’s still far from its all-time high of nearly $4,900. Despite Bitcoin’s impressive performance, Ethereum is down about 33% from its peak.

What’s Next for the Market?

With Bitcoin’s price continuing to rise, many traders are wondering if more liquidations are on the way. Companies like MicroStrategy have been buying up Bitcoin at a rapid pace, and that seems to be pushing the price even higher. This means more traders might be forced out of their positions if Bitcoin keeps climbing.

As Bitcoin moves toward the $100,000 mark, it’s clear that the crypto market is far from stable. Traders are betting big, but when things go wrong, the losses can be massive.