Bitcoin makes play for $30k, leading to $145M in liquidations
Bitcoin’s (BTC) rise to $30,000 has led to liquidations of more than $70 million for short traders in the past 24 hours, according to the report. coin glass data.
The crypto market as a whole has liquidated around $145 million during this period. Most of it came from traders who held short positions against BTC and other cryptocurrencies.
according to coin glass, 37,332 traders were liquidated. The most significant liquidation is his $2.2 million BTC-USD short position on ByBit.
Other liquidated assets include Ethereum (ETH) and Arbitrum (ARB) at $29.71 million and $4.11 million respectively. Other companies like Polygon (MATIC) recorded $2.31 million in liquidations, while Litecoin (LTC) recorded his $2.27 million.
Most of the liquidations happened on Huobi, Binance and Bybit. The three exchanges accounted for 73% of all liquidations, 83% of which were short positions.
Bitcoin eye $30,000
Bitcoin is up 8.44% over the last 24 hours and is trading at $29,614 at the time of writing. of crypto slate data.
Fears of another US banking crisis are fueling a fresh Bitcoin rally. crypto slate Insight reports that First Republic Bank’s share price plunged more than 29% after news broke that bank deposits had dropped 40% in 22 days.
Meanwhile, the U.S. government appears unwilling to intervene in the First Republic bailout process, as it did to Silicon Valley Bank and Signature Bank in March. To prevent infection, he took over these banks at the time.
BTC is up more than 35% since the beginning of this banking crisis, according to BTC. of crypto slate data.
Market sentiment is mostly positive. Matrixport chief his researcher Markus Thielen has said that the price of Bitcoin could reach around $45,000 by the end of this year.Thielen Said:
“With US 10-year yields starting to fall below 3.5%, we can assume that inflation will be a big tailwind for risk assets, especially Bitcoin.”
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