Total Liquidations Cross $150 Million As Bitcoin Climbs Above $26,000

Samuel Edyme

1 year ago

3 mins read

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Regardless of the movement of the Bitcoin (BTC) market, traders’ positions are still recording some ebb and flow. While some are in profit, others are writing down losses. According to data provider Coinglass, there has been a record of more Bitcoin traders with losses over the past 24 hours.

Notably, Bitcoin traders that are currently recording losses even amid the crypto market’s upward trend are traders that have short(ed) Bitcoin in the hope that the asset’s price is going to move in a downward trend sooner or later.

Total Liquidation Surpasses $150 Million

Data from Coinglass shows that approximately 45,309 traders have been liquidated over the past 24 hours, with the total liquidations coming in at a record of $158 million, at the time of writing.

Out of all the crypto exchanges involved tracked by the data aggregator, Binance recorded the largest amount of liquidations of $47 million in the last 24 hours.

This shouldn’t be a surprise given the exchange’s large trader volume than other crypto exchanges in the market. Furthermore, the data shows out of the total liquidations valued at $158 million, around $122 million accounts for 77% of shorts that were liquidated in the last 24 hours.

Interestingly, long liquidations were also recorded over the same period despite the market’s bullish trend. About $36 million in long liquidations was recorded accounting for nearly 30% of the total liquidation in the past 24 hours. The largest single liquidation recorded in the same period was an XBT-USD swap valued at $4.74 million which took place on Bitmex.

Meanwhile, according to the data, out of the $122 total liquidation, nearly $84 million comes from Bitcoin shorts. This indicates traders’ sentiments of a continued bearish trend from the top crypto following the slight retracement yesterday which made Bitcoin price trade below $25,000.

Bitcoin Climbs Above $26,000

Over the past 24 hours, Bitcoin has surged by 7% to trade above $26,000 with a price of $26,820, at the time of writing. Though the top crypto saw a slight retracement yesterday which pushed its price to trade as low as $23,375, the asset has seen a bullish trend since then.

Bitcoin price chart on TradingView — Bitcoin price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Meanwhile, over the past week, Bitcoin dominance has spiked to June 2022 levels at around 43% as of March 17. This surge in dominance comes at a time when customers from traditional banks seek a reputable store of value amid the US banking crisis.

Bitcoin has also added more than $100 billion to its market cap in the past week, up by 31%. This has not only pushed its market dominance to high levels but has also aided the global crypto market cap spike to revisit the $1 trillion mark at a value of $1.1 trillion at the time of writing, up by nearly 5.4% in the last 24 hours.

Featured image from iStock, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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