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Bitcoin Soars Above $46,000, Traders Liquidate $123M

Jonathan Wong

Jonathan Wong

09 February 2024

Bitcoin's price surge above $46,000, attributed in part to increased investments in Bitcoin ETFs like BlackRock's IBIT, signals potential for further growth, following historical market trends. Analysts predict a rise to $48,000 and even $52,000 by mid-March.

Ethereum and other altcoins, including BNB, Solana, Tron, Avalanche, and XRP, also show gains amidst Bitcoin's rally, contributing to a 3% increase in the cryptocurrency market's total value to $1.7 trillion.

However, the upward movement led to significant liquidations, totaling $123 million, with over $47 million losses incurred by Bitcoin speculators alone. Both long and short positions in Ethereum also saw liquidations, with Binance platform recording over $51 million in losses, highlighting the volatility of cryptocurrency trading.

Coinglass data reveals that $34 million was lost by long traders, while almost $90 million was liquidated by short traders. Notably, the largest single liquidation order was a $5.1 million short position on Bitcoin executed via the BitMEX platform.