Bitcoin Break Above $35,000 Sends 95,000 Crypto Traders To The Slaughter
October 24 2023 - 3:00PM
NEWSBTC
Following reports of BlackRock’s Spot Bitcoin ETF being listed on
the Depository Trust & Clearing Corporation (DTCC) with the
ticker IBTC, the BTC price had rallied above $35,000 based on
investor expectations alone. The quick nature of this surge saw
tens of thousands of crypto traders caught in the crossfire as over
$400 million was liquidated in one day. More Than 95,000 Crypto
Traders Lose Their Positions According to data from Coinglass, the
crypto liquidation volumes ramped up quickly following the Bitcoin
price surge. The platform reports that almost 95,000 traders were
liquidated, with short traders bearing the brunt of these
liquidation trends. Related Reading: This Shibarium Milestone Could
Rocket Shiba Inu To August Highs Of the $400 million liquidated in
the 24-hour period, short traders accounted for 75.83 which came
out to $303 million. Long traders were, however, not left out of
the onslaught as $96.88 million in liquidation volumes still came
from long positions despite the direction of the crypto market
rally. BTC liquidations cross $222 million | Source: Coinglass The
single largest liquidation order took place on the BTCUSDT pair on
the Binance crypto exchange. This trader lost an eye-popping $9.98
million when their position was liquidated. In the same vein,
Binance has also seen the highest liquidation volumes of all crypto
exchanges with $133.88 million. Bitcoin accounts for the
overwhelming majority of liquidation volumes at $222.93 million.
Ethereum comes second with $59.93 million in liquidation volumes.
Solana clinched the third place with $10.35 million. But
interestingly, Trellor (TRB), a low-cap altcoin that just made it
into the top 200, snagged 4th place with $9.40 million in
liquidations. The altcoin has been one of the most impressive
performers through the market action as well, rising from a range
of $50 to $96 before retracing. Bitcoin Shows Strength Although
Bitcoin has since retraced from its 2023 high of $35,000, the
leading cryptocurrency continues to show dominance. Daily trading
volumes have already risen above $46 billion, which means that
investors are coming back into the cryptocurrency en masse. This
suggests a willingness to purchase Bitcoin at higher prices and
this will continue to prop up its price. Since buyers currently
outnumber sellers in this market, it is more likely that the
Bitcoin retracement is only temporary and a restart of the price
surge can send BTC above $36,000 next. Related Reading: Solana
Remains Institutional Investor Darling As Inflows Continue Also,
BlackRock’s ETF listing on the DTCC remains very fresh and is still
providing fuel for the rally. This will likely continue for another
couple of hours before exhaustion kicks in and leaves ample time
for Bitcoin to regain its footing for another surge. If Bitcoin
crosses $36,000, then liquidation volumes are expected to rise even
more. This could lead to one of the worst liquidation trends in
2023. BTC price still holds steady above $34,000 | Source: BTCUSD
on Tradingview.com Featured image from YouHolder, chart from
Tradingview.com
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