Bitcoin surges past $66,000 in volatile move, triggering spike in short liquidations

Quick Take

  • Bitcoin short liquidations have spiked above $48 million in the past 24 hours.

  • Bitcoin’s price has increased over 6% during this time, currently trading at $66,300

Bitcoin short liquidations have spiked to more than $48 million in the past 24 hours after the largest digital asset by market cap rallied above the $66,000 mark.

The rally follows the release of U.S. inflation data on Wednesday that showed core CPI saw a month-on-month increase of 0.3% and a year-on-year increase of 3.6%. This marks the lowest 12-month core inflation reading since April 2021, with the monthly increase being the smallest since December. These figures suggest a cooling of inflation.

The rise in Bitcoin’s price over the past day saw a total of $58 million in liquidated bitcoin positions. The wider cryptocurrency market was hit by over $155 million in liquidations in the same period. Of these combined crypto liquidations, the vast majority — around $113 million — were short positions, according to Coinglass data.

Bitcoin is changing hands at around $66,300 at the time of writing, having increased over 6% in the past 24 hours, according to The Block’s price page.

Spot bitcoin ETF inflows increase

Bitcoin spot ETFs saw their largest daily inflow since early May, recording a total net inflow of over $302 million on Wednesday. This marks the highest influx since May 3rd.

Fidelity’s FBTC led the inflows with $131 million, followed by the Bitwise Bitcoin ETF (BITB) with $86 million, according to SoSoValue data. Additionally, Ark Invest and 21Shares’ ARKB drew in $39 million.

Bitcoin dominance edged up slightly over the past day to 51.9%, with ether dominance falling slightly to 14.4%, according to Coingecko data. The global cryptocurrency market cap increased by 5.5% in the past 24 hours and now stands at $2.51 trillion, according to The Block's Prices Page.

The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased 5.45% to 133.49 in the same period.


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.

About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].

Editor

To contact the editor of this story:
Vishal Chawla at
[email protected]

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on