Nearly $130 million of positions held in the cryptocurrency market were liquidated after Bitcoin (BTC) briefly crossed $28,000 early in today’s trading hours.
According to Coinglass datathe flagship digital asset saw liquidations of $55 million for traders who held positions in the last 24 hours.
liquidated approximately $130 million
Over 35,000 traders have liquidated $129.91 million in the last 24 hours in the cryptocurrency market.
According to Coinglass data, short traders lost $104.45 million, of which more than $68 million was in Bitcoin and Ethereum.
Meanwhile, long traders experienced $25.46 million liquidations. His top two digital assets account for more than 50% of these losses.
Other assets such as Dogecoin, BNB, Chainlink, XRP, Litecoin, and Solana have liquidated less than $2 million each.
Across exchanges, most of the liquidations occurred on OKX, Binance and ByBit. These three exchanges accounted for over 70% of his total liquidations, with 99% being short positions. Other exchanges such as Huobi, Deribit and Bitmex also recorded significant amounts of total liquidation.
The most significant liquidation was on Bitmex – XBTUSD, valued at $7.29 million.
Bitcoin briefly surpasses $28,000
In the past 24 hours, BTC has broken through the $28,000 level barrier and hit a new high of $28,432, according to BTC. of crypto slate data.
However, at the time of writing, it has returned to $27,960.
Ethereum (ETH) is up 3% while BNB is up 2%. XRP, Cardano (ADA), Dogecoin (DOGE), etc. have also made substantial gains during the reporting period.
The rise was fueled by news that the US government had reached a deal on a debt ceiling. On May 28, President Joe Biden said, explained It described the agreement as a “compromise” and “an important step forward in reducing spending while protecting critical programs for working people and growing the economy for all.”
In a memo shared with CryptoSlate, Markus Thielen, principal investigator at Matrixport, said the debt ceiling deal means market skeptics need new reasons to maintain their bearish outlook. he added:
“While many investors were concerned about the debt ceiling and the possibility of a default by the U.S. government, such an event is extremely unlikely. They’ll need to find some other bearish news.”
