The crypto industry saw over $180 million in liquidations between December 20th and 21st as Bitcoin's rally dragged the rest of the market higher.
According to data from CryptoSlate, Bitcoin price broke $44,000 yesterday for the first time since early December before falling back to its current value of $43,735.
Data from Coinglass showed that this price movement resulted in massive losses for traders who had bet against further price increases in the market. Short traders lost $105 million in the last 24 hours.
Meanwhile, traders who believed that the bullish move would continue across the market lost about $76 million during the period.
Bitcoin traders lost $48 million, with short traders accounting for 70% of the losses.
On the other hand, speculators on the price of Ethereum were liquidated for a total of $38 million. Interestingly, traders betting on ETH price increases contributed to most of the losses, losing around $23 million.
Traders on Binance, the largest cryptocurrency exchange by trading volume, lost a total of $73 million, while those on OKX were liquidated for $65 million. Traders on other crypto platforms such as ByBit and HTX lost a total of $40 million.
Solana is the market leader
According to data from CryptoSlate, Solana price broke through the $80 mark last day, rising 13% to a 19-month high of $86.
Traders holding positions against further SOL price increases lost more than $11 million in the past day.
CryptoSlate reported that SOL's rising price action catapulted it to the fifth-largest cryptocurrency by market cap, ahead of Ripple's XRP and other major alternative cryptocurrencies such as Avalanche's AVAX.
ETF optimism continues
Meanwhile, hopes remain high that the US Securities and Exchange Commission (SEC) would approve a spot Bitcoin exchange-traded fund (ETF), as the regulator recently held meetings with BlackRock and Grayscale.
In recent months, the Gary Gensler-led commission has been continually engaging with ETF applicants, fueling speculation that the market could soon see its first ETF approval. For comparison, the regulator met these two applicants nine times in the past month, resulting in changes to their applications.
As part of these regulatory obligations, several applicants such as Bitwise have launched multiple advertisements for their ETFs, further increasing anticipation and interest in the market.
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