Bitcoin News: Total Liquidation Breaches $200 Mln As Bitcoin Nears $25k

Bitcoin News: The global digital asset market registered a massive surge of 7% over the past day as the sentiments turns green again. Bitcoin (BTC), the world’s largest cryptocurrency, has been on a good recovery run as its prices surged by more than 9% over the past 7 days. However, On-chain data shows that traders’ bets around the Bitcoin price are on a surge.

Bitcoin Liquidation Crosses $100 Million

As per Coinglass, around 51K traders were liquidated over the past 24 hours. While the total liquidations come in at around $200 million. Binance registered the most liquation ($71 million) in the same time period. However, $161.8 million of Shorts were liquidated among the total number while the single largest single liquidation order happened on Bitmex with a value of $7.08 million.

Bitcoin price is on a relief rally with a whooping surge of 12% in the last 24 hours. BTC/USD is trading at an average price of $24,789, at the press time. Its 24 hour trading volume has jumped by 20% to stand at $48 billion. As per the data, Bitcoin saw around $103 million of liquidation over the past 24 hours.  Read More Bitcoin News Here…

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79.51% Short being liquidated over the past 24 hours depicts that traders were betting on the prices to decline as the two crypto friendly banks collapsed last week. However, USD Coin (USDC), the second largest dollar pegged stablecoin witnessed a major de-pegging event.

Ethereum, the second largest crypto is also on a green rally. ETH price spiked by more than 8% in the last 24 hours. It is trading at an average price of $1,710, at the press time.