Bitcoin Price Surge Leads to $560 Million in Liquidations
Date: 2024-03-05 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin and Ethereum Bear the Brunt
The rapid rise in BTC prices to a new yearly high followed by a subsequent pullback has resulted in traders facing losses amounting to $170 million. Similarly, those who held positions in Ethereum (ETH) incurred substantial losses as the surge in the second-largest cryptocurrency's price to $3,700 cost them over $90 million.
Altcoins Also Affected
Other altcoins such as SOL, DOGE, and SHIB experienced significant liquidations alongside a few other tokens.
Major Players in Liquidations
More than 90% of liquidations were concentrated among exchanges like OKX, Bybit, Binance, and Huobi. Binance executed the largest order, closing a BTCUSDT position worth $8.23 million.
BTC Price Movement
BTC's price hit a yearly high once again yesterday, nearing the $69,000 mark. The cryptocurrency has been on an almost uninterrupted upward trend for several weeks. Market analysts attribute this prolonged rally to the approaching halving and consistently high investor interest in Bitcoin spot ETFs.
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