HomeCrypto NewsBitcoin’s surge to $66,000 causes cascading liquidations among sellers

Bitcoin’s surge to $66,000 causes cascading liquidations among sellers

-

Return match of speculators. After the heavy defeat of bulls (bullish) on the 1ster maythese are now the bears (bearish) who have lost in the game of speculation on the market of Bitcoin (BTC) and cryptocurrencies. Indeed, the surprise rebound of BTC beyond $65,000/66,000 caused important liquidations in the crypto futures market.

Nearly $140 million liquidated in 24 hours, including 90 million by sellers alone

In 24 hours, between Tuesday May 14 and Wednesday May 15, the Bitcoin price quickly went from a lateralization around $61,500 to a sudden rise to above $66,000. Or a nice little rebound of the order of +7%.

A sudden volatility which did not fail to undermine speculative positions on the securities market future (futures contracts) of the sector. Overall, these are $138.6 million of positions that were automatically cut off sharply, according to the data of Coinglass tracking. Next to 54,000 traders-speculators were thus surprised by this price shift and its subsequent volatility.

Unsurprisingly, the cascading liquidations mainly occurred on the side of bearish and their positions Shorts. Indeed, of the aforementioned total, more than $90.4 million concern these short positions. On the side of overly optimistic speculators and their positions Long (buyers), close to $48.2 million were liquidated.

The rapid rise of Bitcoin on May 15, 2024 causes strong liquidations on short positions.
Bitcoin’s surge beyond $66,000 surprised sellers and their Short positions. – Source: coinglass.com

Sellers of Bitcoin, Ethereum and Solana suffered the most

It is also, without much surprise, the most valued crypto-asset, Bitcoin, which inflicted the strongest blow on its short sellers. Next to 45.6 million of dollars of positions Shorts were liquidated on the only king of cryptos.

Ethereum (ETH) and Solana (SOL) completes the podium of washed-out speculators, with respectively nearly 18.3 and 12.6 million dollars liquidated on the short positions of these two cryptocurrencies.

The majority of these liquidations occurred on crypto exchange platforms of Binance And OKX. The first saw $62.7 million liquidated, and the second almost 43.8 millions of dollars.

Bitcoin short sellers have seen the most liquidations.Bitcoin short sellers have seen the most liquidations.
The rebounds in Bitcoin, Ethereum and Solana hurt sellers’ Short positions the most. – Source: coinglass.com

Little temporary reprieveOr restarting the bull run (bull market) on Bitcoin and cryptos? In any case, some still hope to see the leader in crypto-assets reach peaks around $150,000 per BTC. Wait and see!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Solana (SOL) price leads the crypto market in the last week

The cryptocurrency market has seen a large rally in recent hours, with Bitcoin surpassing the $67,000 barrier....

How the tax reform in Argentina would impact cryptocurrency users

Key facts: The reforms would benefit thousands of cryptocurrency users in taxes. Taxes on personal property, profits and monotribute could have modifications. This...

El Salvador and Kazakhstan join forces to expand the use of bitcoin

Key facts: They want to improve “cooperation, assistance and facilitation” of information exchange. El Salvador has already become a reference for the...

Most Popular

spot_img