Total Liquidations Cross $150 Million As Bitcoin Climbs Above $26,000

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Despite the movement in the Bitcoin (BTC) market, trader positions are still registering some ebb and flow. While some are in profit, others are writing off losses. According to data provider Coinglass, there has been a record more bitcoin traders with losses in the past 24 hours.

Specifically, bitcoin traders who are currently also recording losses amid Upward trend of crypto market There are traders who have short(ed) bitcoin in the expectation that sooner or later the price of the asset is going to move downwards.

Total Liquidations Exceed $150 Million

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statistics CoinGlass shows that approximately 45,309 traders have been liquidated over the past 24 hours, bringing total liquidations to a record $158 million at the time of writing.

Of all the crypto exchanges tracked by the data aggregator, Binance recorded the largest amount $47 million liquidated in the last 24 hours.

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This should not be surprising given the large trader volume of the exchange compared to other crypto exchanges in the market. Furthermore, the data shows out of total liquidations worth $158 million, approximately $122 million accounts for 77% of the shorts in the past 24 hours.

Interestingly, the same period also witnessed long liquidations despite the market trending up. Long liquidations of around $36 million were recorded in the last 24-hours, accounting for about 30% of the total liquidations. The largest single liquidation recorded in the same period was $4.74 million worth of XBT-USD swaps on BitMEX.

Meanwhile, according to the data, out of the total liquidation of $122, about $84 million comes from Bitcoin Shorts. This indicates traders sentiments of a continued bearish trend from the top crypto following yesterday’s minor retracement that saw bitcoin price trade below $25,000.

Bitcoin Soars Above $26,000

In the last 24 hours, bitcoin is up by 7% trading above $26,000 With a price tag of $26,820, at the time of writing. Although the top crypto saw a slight retracement yesterday, which pushed its price to trade as low as $23,375, since then the asset has seen a bull run.

bitcoin price chart on trading view
Bitcoin price is trending sideways on the 4-hour chart. Source: on BTC/USDT

Meanwhile, over the past week, bitcoin dominated increased to June 2022 level At about 43% as of March 17. This surge in dominance comes at a time when customers of traditional banks are looking for a reputable store of value amid the US banking crisis.

Bitcoin has added over $100 billion to its market cap in the past week, increasing by 31%. This has not only pushed its market dominance to higher levels, but has also helped the global crypto market cap spike to a value of $1.1 trillion, with a 5.4% increase in the last 24 hours, almost 5.4% in the last 24 hours. Have helped bring it back to a value of $1.1 trillion.

Featured image from iStock, Chart from TradingView

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