The price of bitcoin has exceeded $70,000, increasing by 2.1% during today’s trading sessions. This latest rise led to the liquidation of $27.75 million in bitcoin short positions.
Bitcoin Breaks $70K Barrier, Leading to $27.75M in Liquidations
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Bitcoin Trades Above $70K, Leading to Multi-Million Dollar Liquidations
Bitcoin (BTC) is up 2.1% today and 3% over the past seven days. The price has also risen 12% over the last 30 days against the U.S. dollar. As bitcoin crossed $70,000, its trade volume surged from over $10 billion to $21.58 billion. Tether ( USDT) is the largest trading pair with bitcoin, accounting for more than 41% of trades, while the stablecoin FDUSD makes up more than 35%.
USDT and FDUSD are followed by USD, USDC, and the South Korean won (KRW), which commands 2.67% of all bitcoin trades. While BTC is trading for $70,245 per coin, it has a premium in South Korea, where it trades for $71,044 per unit. The premium, which had fallen below 1%, is now back above the threshold at 1.07%.
The increase in bitcoin’s value has resulted in significant liquidations, alongside ethereum’s ( ETH) price rise. Across the entire crypto economy, $111.23 million in long and short positions were wiped out. ETH shorts saw $23.52 million in liquidations, while BTC experienced $27.75 million in liquidated shorts. Out of the $111.23 million in liquidations over the past day, $70.12 million were shorts.
What do you think about bitcoin’s price spike? What do you think about the liquidations? Share your thoughts and opinions about this subject in the comments section below.
