BTC - Bitcoin Ethereum Dogecoin Soar Triggering $750M In Liquidations: Analyst Predicts King Crypto To Reach $200K If This Key Level Is Broken | Benzinga
Major cryptocurrencies experienced a surge on Wednesday, with the price of Bitcoin rallying over 10% to reach a new high for 2024, hitting $64,000 on Feb. 28
What Happened: The 50% price surge this month is largely attributed to investors’ anticipation of the upcoming supply halving event, which typically triggers strong upward price movement.
The steady inflows to the newly introduced spot Bitcoin Exchange Traded Funds are also believed to be influencing Bitcoin’s price action.
In the last 24 hours, over 182,243 traders faced liquidation, resulting in a total liquidation value of $751.10 million, data from CoinGlass shows.
For Bitcoin, the liquidations for long and short positions reached a total of $292.05 million, with $92.52 million in long liquidations and $199.53 million in short liquidations.
In the case of Ethereum, total liquidations amounted to $123.73 million, including $45.14 million from longs and $78.58 million from shorts. For DOGE, the markets saw a liquidation of $39.84 million, split across $9.45 million in longs and $30.39 million in shorts.
Shortly after surging to $64,000, Bitcoin’s price plummeted to $58,700 in a flash crash, attributed to a sell wall at this crucial level and the liquidation of overleveraged long positions. At the time of writing, BTC was trading above $61,000 levels.
BlackRock’s Bitcoin ETF IBIT (NASDAQ:IBIT) set a new record for trading volume for the third consecutive day, with over 96 million shares, equivalent to roughly $3.3 billion, exchanged, according to Nasdaq data. This surpasses Tuesday’s record of $1.35 billion and Monday’s record of $1.3 billion.
The trading volume for the ten spot BTC ETFs reached $7.7 billion, shattering the previous record of $4.7 billion set on their first trading day of Jan. 11, according to James Seyffart, an ETF ...