On Thursday, the price of bitcoin (BTC) surged to $66,455 per coin at around 7 a.m. EDT before declining to approximately $64,516 by midday. This fluctuation led to a total of $118.82 million in liquidations across the market, with long positions accounting for $61 million of the sum.
The rapid ascent and subsequent descent of Bitcoin triggered significant liquidations in the market. Despite reclaiming the $66,000 level on June 20, Bitcoin struggled to maintain its position due to selling pressure. By 2 p.m. on Thursday, its price oscillated between $64, and $65,150.
Bitcoin’s movements often have widespread effects on the broader market by causing altcoins to rise and fall in sync with it. Several other cryptocurrencies similar price swings as a result of Bitcoin’s activity.
Following Bitcoin’s brief surge above $66K mark today, it lost momentum and dropped to a low of $64516. Consequently, this market activity resulted in liquidations totaling $118.82 million various derivatives within the ecosystem.
Of these liquidations on Thursday:
– Bitcoin saw short positions worth $33.10 million being liquidated- Ethereum (ETH) had long positions totaling approximately at $$22.21 million wiped out due to price changes
– Solana (SOL) experienced roughly$691 million in long liquidations
– There was an additional sum of about$4.$23 milluon worth pepe(PEPE)longs that were also liquidated
All told,long positions faced approximately$6513 milluon worthofliquidationsonThursdaywhileshortpositions saw approximately$536milluonerased.Acrossthe past day,a totalof48,$553traderswereliquidated.TheLongtoShortatiorevealsa predominantly bearish sentiment among traders,but there are slightly morelongpositionsulatingafter recentpriceadjustments.
The ratio is nearly balanced,suggesting aslightadvantageforlongs.On Binance,tradersaremainlylongtheotherhand,tradersatOKX mostly hold longpositionsin BTC.Conversely,a majorityofDeribittrareshortonBTCasof2p.mEDTThursday.
Despite therecentliquidationsandongoing
longactivity,andbetsagainstBTC’srisebyhedgefundsandtradersleveragingcryptoderivativesexchanges,a10%icerecouldpotentiallyerasebillionsinshorts.
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