Just-In: Bitcoin Breaches $26K; Total Liquidation Crosses $112 Million

Bitcoin Price News: Bitcoin (BTC), the world’s largest crypto is on a recovery rally amid the emerging global bank crisis. After dipping below the crucial price level of $20K on March 10, Bitcoin price rose up to break through the vital $26K price level on March 14. However, from then over BTC is hovering around the $25K-$26K price level.

Bitcoin Trades Against Short Sentiments

As per the data provided by Coinglass, more than 36K traders were liquidated over the past 24 hours. However, the total liquidations come in at $112.5 million. Binance, the world’s largest crypto exchange registered the largest amount of liquidation of $39 million in the last 24 hours.

Data depicts that out of $112 million liquidation, $75.22 million (67.06%) shorts were liquidated in the last 24 hours. While the single largest liquidation order of BTC-USDT-SWAP amounting to $2.33 million took place on the OKX crypto exchange.

$75.22 million of the shorts being liquidated which makes 67% of the total liquidation indicates the traders’ sentiments. Traders were betting that the Bitcoin price will decline further ahead after March 16, 2023 trade. However, BTC price went to breach the $26k level again. Read More Bitcoin News Here

Also Read: US Fed Prints $300 Billion, Bitcoin Price And Ethereum To Rally

BTC Witness $53 Mln In Liquidation

Bitcoin price surged by more than 6% in the last 24 hours. BTC is trading at an average price of $26,059, at the press time. However, Its 24 hour trading volume has dropped by 10% to stand at $38 billion. As per the data, $53 million of liquidation have come just from Bitcoin.

However, the global digital asset market recovered by over 4% over the past day. The cumulative crypto market cap stands at $1.11 trillion. Its 24 hour trading volume has dropped by 17% to stand at $66.6 billion.

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Ethereum, the second largest crypto price is up by 4% over the past day. ETH is trading at an average price of $1,725, at the press time.