Crypto Liquidation Hits $216 Million As Bitcoin Leap Towards $31K

Bitcoin News: The digital asset market is rejoicing a relief rally as the biggest crypto, Bitcoin (BTC) moves ahead to attain the next crucial price level of $31,000. However, Data depicts that the ongoing Bitcoin price rally is going against the traders’ sentiment.

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Bitcoin Price Rally To Continue?

According to the Coinglass data, more than 61.6k traders have been liquidated in the last 24 hours. While the cumulative long and short crypto liquidation breached the $216 million mark. However, the biggest liquidation order XBT/USD valued at $9.30 million got executed on the Bitmex crypto exchange.

As the Bitcoin price breached the $30,000 level, over $158 million worth of short positions set by the traders got liquidated in the last 24 hours. The liquidated short positions turn out to be 73% of the cumulative $216 million liquidation. This suggests that traders were hoping BTC price to drop after the recent rally.

Bitcoin price is by more than 20% in the last 7 days. However, Its price surged by over 4% in the last 24 hours breaching the vital $30k level. As per CoinMarketcap, Bitcoin price touched the $30,628 mark on Thursday. BTC is trading at an average price of $30,141, at the press time. While its 24 hour trading volume is up by 14% to stand at $31 billion. Read More Bitcoin News Here…

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.