Bitcoin’s price is on a path of considerable recovery, with the asset reaching almost $29,000 a few hours ago (a valuation last seen at the beginning of May).
This resulted in approximately $155 million in liquidations, with short positions representing the bigger share.
- Bitcoin has been one of the best performers in the crypto market ever since the end of last week when BlackRockfiled with the US SEC to introduce a BTC Spot ETF in the States. The primary digital asset ascended from around $25,000 to nearly $26,500 shortly after the announcement.
- While the price gradually climbed in the following days, it went on a massive rally yesterday (June 20), spiking to almost $28,800 (per CoinGecko data).
- Logically, the six-week high resulted in massive liquidations. Coinglass revealed that the number had surpassed $155 million for the past 24 hours, with short traders responsible for $122 million (78% of that portion).
- Bitcoin trades accounted for over $70 million of the total share, whereas Ethereum added another $25 million.
- Currently, BTC is hovering around $28,700, while its dominance against alternative coins is at a two-year high above 50%.
BTC Price, Source: CoinGecko
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
