Amid the rise of Bitcoin to reach the $52,000 level today, a remarkable $76 million in BTC shorts were liquidated in the past 24 hours alone. Indeed, Coinglass data shows the increase in liquidations taking place on centralized exchanges. Subsequently, the assets increase over the past day has led to an increase in volatility.
Since surpassing the $51,000 mark yesterday, data shows that $93 million in Bitcoin positions were liquidated. Moreover, the majority of these liquidations were short positions, only increasing as the asset has continued to climb in price. Currently, it is trading at $51,905 according to CoinMarketCap, and up more than 6% over the last 24 hours.
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$76 Million in Bitcoin Shorts Liquidated After Climb Aboge $52,000
Since the end of 2023, Bitcoin had high expectations as the new year approached. With the US Securities and Exchange Commission (SEC) set to approve 11 Spot Bitcoin ETFs, that optimism was warranted. Although the surge was not immediately felt, that faith is certainly starting to pay off as we near February’s midpoint.
Consistent increases have been felt by the asset, as it surpassed a two-year high earlier this week. Since then, it has firmly supplanted itself above the $51,000 level. However, that movement has caused a plethora of volatility for investors. Specifically, among the Bitcoin rise, $76 million worth of BTC short positions were liquidated over the last 24 hours alone.
Also Read: Bitcoin Price Analysis For February 13, 2024
Since the start of February, data shows that Bitcoin’s price has increased by more than 21%. Addtionally, that has had an undoubted effect on the digital asset market as a whole. Specifically, Wednesday saw the entire cryptocurrency market cap surpass $2 trillion.
That has not been seen by the industry since April 2022. Ultimately, that ascension has continued, with the $52,000 mark being surpassed by Bitcoin earlier today. Still, the increase in liquidations throughout the last day has been an undeniable development for the asset as a whole.