The cryptocurrency market is seeing increased short liquidations as major assets, including Bitcoin, gain bullish momentum.
According to data provided by Coinglass, the total liquidations over the past 24 hours surpassed $192 million. Of this tally, more than $145 million in short trading positions have been wiped out and the remaining $46 million belongs to long trades.
Bitcoin (BTC) recorded $63 million in liquidations—$55 million shorts and $7.7 million longs—as it surpassed the $66,000 mark on Oct. 14. BTC is still up 2.3% in the past 24 hours and is trading at $65,300 at the time of writing.
Ethereum (ETH) is sitting on the second spot with $37 million in daily liquidations—$30 million in shorts and $7 million in longs. Thanks to the short liquidations, the leading altcoin crossed the $2,600 mark for the first time in two weeks.
Per Coinglass, the largest single liquidation order happened on Binance, the largest crypto exchange by trading volume, and was worth $5.2 million in ETH/USDT pair.
The Binance exchange accounts for $94 million of the total liquidations with a 76% dominance of short positions.
Despite the rallying liquidations, the total open interest in the crypto market increased by 4.7%, reaching $69.5 billion, per Coinglass data. This movement usually shows signs of FOMO and greed.
According to data from CoinGecko, the global crypto market capitalization increased by over $109 billion over the past day—currently sitting at $2.406 trillion. At this point, Bitcoin has a 54.2% dominance over the whole market with a total market cap of almost $1.3 trillion.
Another bullish driver for the Bitcoin price was the impressive surge in the U.S.-based spot BTC exchange-traded funds. Per a crypto.news report, these ETFs recorded $555.9 million in inflows on Monday—marking a four-month high.
Read the full article here