Home » Bitcoin, Ethereum Rally Liquidates Over $1 Billion in Trades Overnight

Bitcoin, Ethereum Rally Liquidates Over $1 Billion in Trades Overnight

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famous”Uptober meme As the cryptocurrency market rebounded in the last 24 hours, it suddenly revived to fulfill its promise. Bitcoin (BTC) and ethereum (ETH) – the industry’s two largest digital assets – are leading the resurgence.

October has historically been positive for major cryptocurrencies, with monthly gains recording 10 times in the last 13 years. Bitcoin monthly returnLast October’s rally, for example, laid a strong foundation for Bitcoin to reach all-time highs above $69,000 in early November.

But fear prevailed among investors this year as Bitcoin struggled between $19,000 and $20,000 for much of the month.

However, major cryptocurrencies 5% surge on Tuesday To regain the $20,000 mark for the first time since the beginning of October coin gecko.

ethereum‘s price volatility is even more impressive, with the second-largest cryptocurrency surging by as much as 14% over the span, trading at around $1,536 at the time of this writing.

$979m of short positions wiped out

Notably, the latest price action saw a whopping $1.13 billion liquidated across the market in the last 24 hours. coin glass.

In crypto markets, liquidation refers to the event in which an exchange is forced to close a position due to the loss of some or all of the initial margin. This occurs as a result of the trader being unable to meet the margin requirements of his leveraged position. This means that there are not enough funds to keep the trade open.

Of the over $1 billion liquidated in the past day, about $550 million was in Bitcoin, followed by $476 million in Ethereum, and $3.05 million in ETH-USDT swaps on the OKX exchange. The largest liquidation order has occurred.

Among exchanges, FTX had the highest amount of liquidations at $862 million, with about 77% in short positions.

Disclaimer

The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment or other advice.

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