Crypto: $56 Million Liquidated as Bitcoin, Shiba Inu, Dogecoin Rise to 6%

Lavina Daryanani

Less than a day back, BlackRock filed for a Bitcoin Exchange Traded Fund. According to the official filing, the world’s biggest asset manager iShares Bitcoin Trust will use Coinbase Custody as its custodian. The said development managed to stir optimism within the community.

Consequentially, the market that was in favor of bears all these days flipped to support the bulls. This helped in pulling up the global crypto market cap above $1 trillion. Short traders evidently bore the brunt.

Over the past 24 hours, almost 21k traders got ‘rekt,’ with total liquidations coming in at $55.95 million. According to data from Coinglass, Bitcoin traders were the worst affected and accounted for around 1/3rd of the total wipe-outs.

Source: Coinglass

Also Read: Crypto: $172 Million Wiped Out From ETPs in 2023

Bitcoin & Ethereum Pump, But Dogecoin and Shiba Inu Pump Harder

Well, at press time, Bitcoin was up by around 2.9% from its daily lows created a day back. Over the past few hours, it has been trying to break past its 100 EMA [cyan] on the hourly but has been rejected over a dozen times already. Such has been the case with Ethereum also. The largest Altcoin was trading at a level 2.36% higher than yesterday’s lows. However, it was road-blocked by its 50 EMA [orange].

Well, meme coins like Dogecoin and Shiba Inu share a fairly healthy correlation with both Bitcoin and Ethereum. As a result, even they rode along the bullish wave.

Over $56 Million in crypto has been liquidated, and Bitcoin (BTC), Shiba Inu (SHIB), Dogecoin (DOGE), and Ethereum (ETH) all rose 6%.

Among all the four assets, DOGE appreciated the most. It was up by 5.88% at press time, and bulls were trying hard to flip $0.06169 as support. Shiba Inu’s incline also carried more weightage than BTC and ETH. It was up by $4.51% and was seen exchanging hands at $0.00000670 at press time.