Over $115 Million Liquidated as Bitcoin Tests $35k Level Again
Bitcoin tests the $35k level again, causing more than $115 million in liquidations affecting both long and short positions in the crypto market. Recent volatility has led to gains for Bitcoin and Altcoins.
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Crypto traders have seen over $100 million in liquidation over the last 24 hours as Bitcoin regained the $35k level for the third time in less than two weeks.
According to Coinglass data, the liquidation wiped off about $115 million worth of assets and affected 46,567 traders in 24 hours, with the largest liquidation happening on ByBit. This single liquidation order was a BTCUSD position valued at $5.26 million.
The liquidation distribution is a mixed bag with long positions responsible for $65.53 million of the liquidation. Those on the short side saw losses worth $51.45 million.
The fact that traders with short and long positions were affected highlights how the crypto market has alternated in the last 24 hours. Data from CoinGecko shows that BTC reached $35k earlier today before dropping as low as $34,817. It has now rebounded to $35,229.
In the past seven days, BTC has gained only 1.7%. This shows its relative stability in the past week compared to its 15% gain in the last 14 days.
Meanwhile, the number of Bitcoin addresses holding more than $1k worth of BTC has now reached $8 million, according to data from Glassnode and Blockware. This is primarily due to Bitcoin's recent performance.
Liquidations By Exchange and Assets
Bitcoin was responsible for most liquidations within the period, as $33 million worth of assets was wiped off the market. ETH followed with $25.2 million, while other altcoins recorded minor liquidations.
Meanwhile, 45% of the liquidation happened on Binance, where $52.61 million worth of position was liquidated. OKX also recorded $33 million in liquidation, while Huobi saw $17 million. ByBit also recorded over $10 million in liquidations.
BTC Rise Moves Market
With Bitcoin now breaking the $35k resistance level, the crypto market has also risen, with altcoins joining in the rally. Cryptocurrencies such as ETH, ADA, XRP, and SOL have all seen double-digit gains in the last seven days.
XRP, in particular, gained 10% in the last 24 hours. The surge in value is likely due to Ripple securing regulatory approvals in Georgia and Dubai last week. Ripple disclosed last week that the Dubai Financial Services Authority approved XRP, allowing licensed firms in its financial sandbox to use XRP.
Smaller cap tokens have also seen their value jump in the last 24 hours, with PYR gaining 25%, GMT 20%, OSMO 16%, and INJ 14%. Similarly, the Grok memecoin, which copied the name of the xAI chatbot, has seen its price move more than 1000% since launching.
However, altcoins' positive performance has only been against USD and Gold. Glassnode data shows that while ETH is up 39% relative to gold, BTC has appreciated 93% compared to gold. This means ETH is performing below BTC.
