Bitcoin Surges Above $29,000; How Much Money Did Investors Lose?

• The price of the largest cryptocurrency Bitcoin (BTC) has experienced a significant rally in the global crypto market, increasing by approximately 8% in the past 24 hours.
• According to data, over 47,000 traders were liquidated in the past 24 hours, with a cumulative liquidation amount of over $180 million.
• Only Bitcoin has experienced over $89 million in short and long position liquidations in the past 24 hours.

With Bitcoin surpassing $29,000, over 47,000 investors were liquidated and BTC’s volume increased by 92%.

Bitcoin’s Rise Liquidated Investors

The price of the largest cryptocurrency Bitcoin (BTC) has experienced a significant rally in the global crypto market, increasing by approximately 8% in the past 24 hours. Data shows that the current increase in Bitcoin price has put crypto short positions in a difficult situation.

According to data, over 47,000 traders were liquidated in the past 24 hours, with a cumulative liquidation amount of over $180 million. The largest BTC/USD liquidation occurred on the crypto exchange BitMEX, totaling $9.3 million.

Approximately 80.5% ($145 million) of the total $180 million liquidation came from short positions, indicating that crypto traders were expecting a significant Bitcoin price drop in an environment of uncertain sentiments. However, Binance reported $58 million in liquidations in the past 24 hours.

Only Bitcoin has experienced over $89 million in short and long position liquidations in the past 24 hours. According to data, $73.4 million worth of Bitcoin short positions were liquidated.

Liquidations of Long/Short Positions on Exchanges

Meanwhile, the largest altcoin Ethereum (ETH) experienced over $27.5 million in liquidations of long and short positions during the ongoing rally. In the past 24 hours, $20.9 million worth of short positions were liquidated.

BTC is Driving the Market Up

In the past 24 hours, Bitcoin’s market value has increased by over 6%. Its 24-hour trading volume has increased by 92% to reach $68 billion.

Bitcoin’s price has increased by approximately 12% in the past 7 days. At the time of writing, BTC is trading at an average price of $28,960.

On the other hand, the second largest cryptocurrency Ethereum has seen a 56% increase in its 24-hour trading volume, reaching $23 billion. ETH has shown a 5% increase in the past 24 hours and is currently trading at $1825.