The recent surge in Bitcoin’s price was no exception, and it led to some dramatic developments, including massive liquidations.
The moment came when a single Bitcoin liquidation order hit the market, and it was valued at an astonishing $9.98 million.
This occurred in the BTCUSDT trading pair, and it’s a vivid example of the high-stakes nature of cryptocurrency trading.
Over the past 24 hours, a total of 94,168 traders faced liquidation across the entire crypto market. That’s a substantial number of individuals and entities who found themselves in a tight spot due to the market’s volatility.
Data from CoinGlass reveals that Bitcoin short positions bore the brunt of these liquidations, with a total value of $177.15 million.
These short positions are essentially bets on Bitcoin’s price going down, and when it doesn’t, those who placed them end up on the losing side. Ethereum (ETH) shorts also took a hit, with approximately $42.23 million worth of positions liquidated.
At the time of writing, Bitcoin was trading at $34,198, marking an impressive 11.3% increase in the last 24 hours and a nearly 20% surge in the past seven days.
Such rapid price movements can catch traders off guard, especially those who were betting on Bitcoin’s price going down.
This episode highlights the inherent volatility and unpredictability of the crypto market. It serves as a valuable lesson for traders, emphasizing the importance of risk management and adaptability in this dynamic financial landscape.
In total, the surge in crypto prices led to nearly $400 million worth of liquidations for leveraged traders over the past 24 hours.
A significant portion of this value came from short liquidations, totaling $295.82 million, which far exceeded the value of long liquidations at $106.46 million.