Bitcoin Price Leap Towards $31k Makes Crypto Liquidation Hit $216 Million

Crypto 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.

The global crypto market cap is up by over 4% in the last 24 hours to stand at around $1.18 trillion. However, the 24 hour trading volume is up by 20% to stand at $58 billion. Read More crypto News Here…

BTC Shorters Bleed

Coinglass data depicts that around $89 million worth of the long, and short positions set on BTC price got liquidated in the last 24 hours. However, 73% of the total liquidation (approx worth $65 million) were short positions. Most of the liquidations were recorded on the OKX crypto exchange.

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.