2023-10-24 13:33:37
Bearish bets on bitcoin BTC PRICE have cost traders more than $178 million in the past 24 hours after the exchange rate broke through a critical resistance level. The surge in the price of bitcoin came as the bullish market rumor that the Blackrock bitcoin exchange-traded fund (ETF) ticker had been released made serious waves in the crypto community. The data shows that bitcoin futures accounted for nearly 50% of Monday’s $400 million in total liquidation, while ether futures saw only $50 million in liquidation across long and short positions. A position closure occurs when an exchange forcibly closes a trader’s leveraged position due to partial or total loss of the initial deposit. This happens when the trader cannot meet the margin requirements for a leveraged position (does not have enough funds to open the trade). Crypto exchanges Binance, Huobi, and OKX saw $50 million worth of liquidations each, suggesting that there were large amounts of leveraged positions on these platforms. The largest single liquidation order was on Binance, with an order value of $10 million. The price of Bitcoin jumped 12% in a short period of time to reach a local high of $35,200, before starting to decline by Tuesday morning. This huge move was likely caused by relatively lower volume and excessive demand – adding tens of billions of dollars to the market cap in a matter of hours. Blackrock ticker The crypto community and analysts have now linked this market movement to the ticker registration of Blackrock’s spot bitcoin ETF. However, the approval is still subject to investigation by the US Securities and Exchange Commission (SEC). Such expectations have boosted hopes for a bullish revival in the crypto market, as the market has been in a general ups and downs for the past few months, and there was no sign of anything to pull it out.
1698194285
#Bitcoin #Bears #Drop #178M #Bitcoin #Breaks #34K