In the ever-volatile world of cryptocurrency trading, Bitcoin’s meteoric rise to over $66,400 has brought elation to many but spelled disaster for over 90,000 traders who faced liquidation as short positions got “rekt”. According to data from CoinGlass, the past 24 hours saw market liquidations soar to a staggering $248.52 million, leaving a trail of financial turmoil for those caught on the wrong side of the trade.
Bitcoin’s dominance in the liquidation landscape is evident, with total liquidations amounting to $75.79 million. Long positions contributed $20.36 million to this figure, while shorts bore the brunt of the losses, accounting for $55.43 million. Ethereum followed suit as the second most liquidated coin, tallying up to $29.02 million.
However, what caught the attention of many analysts was the significant role played by meme coins in the liquidation saga. Dogecoin, Shiba Inu, and PEPE collectively accounted for a substantial $38.23 million in liquidations, highlighting the unpredictable nature of these assets.
Despite Bitcoin’s dominant position in the liquidation scene, the largest single liquidation amounted to $2.45 million, underlining the high stakes involved in crypto trading. Exchanges like Binance bore the brunt of these liquidations, with a whopping $99.07 million worth of trades being wiped out.
Looking ahead, analysts warn that any sharp reversal in Bitcoin’s price could trigger further liquidations, adding to the woes of traders already reeling from recent losses.
However, amidst the chaos, Bitcoin continues its upward trajectory, currently trading at $65,387.33, marking a 4.51% increase in the past 24 hours. Industry veterans like Samson Mow foresee even more ambitious rallies, with projections of Bitcoin hitting $1 million not being ruled out.
One of the primary catalysts driving Bitcoin’s growth is the anticipation surrounding the spot Bitcoin ETF. Industry insiders believe that this ETF could introduce a significant supply shock, further fueling Bitcoin’s price surge. Coupled with the deflationary impact of the next halving event, experts predict that Bitcoin’s price discovery will surpass previous all-time highs, potentially exceeding $68,700.
As Bitcoin continues to rewrite the rules of traditional finance, traders must tread cautiously in this volatile landscape, where fortunes can be made and lost in the blink of an eye.