Bitcoin’s climb past $46,000 triggers $123 million in liquidation for crypto traders Bitcoin’s climb past $46,000 triggers $123 million in liquidation for crypto traders
BTC's improved price propelled it into the top 10 global assets by market capitalization.
2 min read
Updated: Feb. 9, 2024 at 10:09 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin surged past $46,000 for the first time since last month’s approval of multiple BTC exchange-traded fund (ETF) products by the U.S. Securities and Exchange Commission (SEC).
CryptoSlate data shows that the leading cryptocurrency saw a 5% increase within the last 24 hours, peaking at nearly $46,500 as of press time.
CryptoSlate Insight reported that the influx of investments into BTC ETFs, such as BlackRock’s IBIT, could provide substantial momentum to Bitcoin’s market value. Additionally, Bitcoin’s current price trajectory aligns with its historical market patterns, suggesting potential for further growth, particularly post-halving.
Markus Thielen, the founder of 10x Research, highlighted historical trends indicating Bitcoin tends to experience price upticks during the Chinese New Year period, with festivities commencing by Feb. 10.
“Bitcoin will likely rally at least to the previous January high of around 48,000. As we mentioned in our notes, Elliot-Wave’s analysis indicated that Bitcoin could even rally towards 52,000 by mid-March,” Thielen added.
This recent price surge has propelled Bitcoin into the top ten assets by market capitalization, reflecting the growing significance of digital assets within the broader financial landscape.
Simultaneously, Ethereum and other prominent alternative cryptocurrencies, including Binance-backed BNB, Solana, Tron, Avalanche, and XRP, demonstrated resilience, registering gains exceeding 2% during the reporting period.
The collective market capitalization of cryptocurrencies expanded by 3% within the past day, reaching $1.7 trillion.
$123 million liquidated
Coinglass data shows that the price movement liquidated $123 million across all assets from more than 38,000 crypto traders during the past day. Among them, long traders saw losses totaling $34 million, while short traders faced liquidations of approximately $90 million.
BTC speculators bore the brunt, accounting for $47 million, or 38%, of the total losses. Notably, $41.08 million was liquidated from traders anticipating a decrease in BTC price, while long-position holders lost about $6.25 million.
The most significant single liquidation order was a $5.1 million short position on BTC executed via the BitMEX platform.
Ethereum witnessed liquidations on both long and short positions, with losses totaling $10.19 million and $12.45 million, respectively.
Notably, traders on the Binance platform endured over 40% of the total losses, with a staggering $51.77 million in liquidations recorded in the past day.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,475.01
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$195.225
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
XRP
$2.28492
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
Markus Thielen is currently the Head of Research & Strategy at Matrixport, a one-stop digital assets financial services platform where users can invest, trade, and leverage crypto assets.