Bitcoin liquidations were on the rise on Monday as the price of the digital asset had risen dramatically. These traders were liquidated very quickly and millions of dollars were gone within minutes. It didn’t end there though, as the cryptocurrency’s price has not slowed down since then. And as the price of bitcoin has continued to grow, liquidations have not slowed down either.
Bitcoin liquidations on the rise
While the current liquidations are not as high as Monday’s, they are nevertheless significant. These liquidations had peaked at $140 million for bitcoin and again crossed the $100 million mark within 24 hours.
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Most of these are short traders who had bet on bitcoin’s price decline. As always the market will do what it does and had gone in the opposite direction. But even after the expected slowdown after rising over $46,000. Instead, the digital asset continued its recovery trend. After successfully breaking above $47,000, the short liquidations had increased again.
BTC settles above $47,000 | Source: BTCUSD on TradingView.com
In the past 12 hours, BTC alone has seen more than $14 million in liquidations. While the 24-hour time frame paints a grim picture. Over $119 million in liquidations has been registered in the past day. Most of these come from short traders who have bet against the recovery trend. With the price of barrels of BTC moving again towards $48,000, the trend of short liquidations is far from over.
Ethereum traders get Rekt
In the past day, Ethereum traders have gotten the short end of the stick compared to bitcoin traders. These short traders saw the worst of the day as more than $25 million was lost in less than an hour. It quickly put ETH ahead of the curve when it comes to liquidations, as most liquidations come from ETH traders.
ETH also took the lead for the biggest single liquidation of the day. This time there was a single transaction worth $10.10 million that was liquidated. This took place on the FTX exchange over the ETH-PERP trading pair. It lifted the numbers for Ethereum, with $25.07 million and $50.41 million respectively liquidated in the past one and four hours at the time of writing this article.
ETH liquidations surpass bitcoin | Source: Coinglass
On the 12-hour scale, there has been a total of $55.70 million in liquidations for Ethereum. In addition, the number from the past 24 hours now stands at $145.47 million, more than $20 million higher than that for bitcoin.
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Total market liquidations for the past day have all come in at $441.11 million. With a total of 84,388 liquidated traders.
Featured image of MARCA, chart from TradingView.com