Crypto Market Saw $374M Liquidated As BTC, ETH Rise, What’s Next?

The crypto market has cleared off most of its outstanding deficits as Bitcoin (BTC) and Ethereum (ETH) lead the market’s bullish recovery. At the time of writing, the combined crypto market cap soared by 8.91% to $2.59 trillion.

Bitcoin and Ethereum Liquidation

According to data from Crypto analytics platform CoinGlass, the combined market’s liquidation value comes in at $374.85 million. The liquidation cuts across over 94,400 traders most of whom are short sellers. Per the data, Bitcoin’s liquidation in 24 hours comes in at $97.74 million. This comprises of $24.51 million attributable to long traders and $73.23 million for short traders.

Surprisingly, Ethereum recorded more liquidations than Bitcoin, considering it is the major mover or catalyst driving the industry. At the moment, Ethereum’s daily liquidation has topped $132.17 million. The long liquidation comes in at $29.24 million while the short liquidations tops $102.93 million.

The liquidation data also featured other top altcoins particularly those with the steepest price surges. Solana (SOL) for instance recorded $23.28 million in liquidations, stemming from its more than 10% surge in price at its peak earlier today. At the time of writing, Solana is shedding some of its accrued gains, and is down 1.62% to $176.87.

With the liquidations, it becomes obvious once again how impossible it is to decipher the volatility in the digital currency ecosystem. While Bitcoin, Ethereum, and Solana leads the liquidation terrain, other altcoins including Dogecoin, GALA and PEPE also recorded significant losses.

What Next For BTC and ETH Price

There is an intense volatility in the crypto ecosystem with instability rocking the price Bitcoin. After soaring as high as $71,946.46, Bitcoin’s price is now backtracking and is pegged at $69,664. Despite this receding price action, Bitcoin is still up 1.46% in 24 hours.

Ethereum has remained largely resilient with an 18.41% surge at press time to $3,726.04. The coin is in the spotlight following the potential approval of spot Ethereum ETF products in the US. In a dramatic twist, Bloomberg ETF Analysts Eric Balchunas and James Seyffart raised their spot Ethereum ETF approval odds from 25% to 75%, hinting at likely approval this week.

Reportedly, the staffs of the United States Securities and Exchange Commission (SEC) have told exchanges that it is leaning towards approving the Ethereum ETF products. If this growing speculation is confirmed with approval of spot Ethereum ETF, the price of ETH and by extension Bitcoin might record more upsurge this week.

Read More: CoinShares’ Valkyrie Funds Will Not Apply For A Spot Ethereum ETF