Bitcoin’s climb to a yearly high triggers market shakeup

Quick Take

On Feb. 20, just before the US market opened, Bitcoin reached a yearly peak of $53,000, only to retreat into the $50k-$52k range shortly thereafter.

CryptoSlate reports indicate that approximately $1 billion worth of market liquidations were concentrated around Bitcoin’s $53,000 mark. Interestingly, during its short-lived surge to this value, Bitcoin experienced an estimated $70 million worth of these liquidations. While some of these liquidations happened during the rise, the majority are still impending.

BTCUSD Bitstamp: (Source: Trading view)
BTCUSD Bitstamp: (Source: Trading view)

In the broader digital asset market, Coinglass reported that the past 24 hours have seen an estimated $260 million in liquidations, with approximately $170 million from longs and $90 million from shorts. Bitcoin bore the brunt of these liquidations, accounting for around $70 million. While, Binance saw the majority of the liquidations from an exchange at approximately $117 million.

Total Liquidations: (Source: Coinglass)
Total Liquidations: (Source: Coinglass)

Out of Bitcoin’s $70 million liquidation, approximately $40 million was derived from long positions. This accounts for the largest long liquidation since Jan. 23, when Bitcoin was trading around the $40,000 mark.

Bitcoin Liquidations: (Source: Coinglass)
Bitcoin Liquidations: (Source: Coinglass)

The post Bitcoin’s climb to a yearly high triggers market shakeup appeared first on CryptoSlate.

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