Bitcoin climbs back above $63,500 as market volatility causes spike in liquidations
Quick Take
- The bitcoin price has climbed back above the $63,500 mark.
- Market volatility over the past day has resulted in the liquidation of over $150 million leveraged bitcoin positions.
The value of the largest cryptocurrency by market cap increased over 1% in the past 24 hours, trading at $63,559 at 7:50 a.m. ET, according to The Block's Price Page.
The price action over the past day led to substantial liquidations of both long and short positions on centralized exchanges. This volatility resulted in the liquidation of more than $150 million in bitcoin positions, with over $78 million bitcoin longs and over $72 million shorts liquidated, according to CoinGlass data.
The second-largest crypto, ether, experienced a muted 0.3% increase over the past day — now standing at $3,262 at 7:48 a.m. ET. However, SOL, the native coin of the Solana network remains in the red, falling over 2% in the same period, according to The Block’s Prices Page.
The overall crypto market experienced over $275 million in liquidated long positions in the last 24 hours, contributing to a total of $428 million in liquidations across various centralized exchanges, the data show.
Liquidations occur when a trader’s position is forcibly closed due to a lack of funds to cover losses. This happens when market movements are unfavorable to the trader’s position, leading to the depletion of their initial margin or collateral.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.