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Bitcoin skyrockets beyond $30,000 amid massive short liquidations
Significant liquidations drive Bitcoin through $30,000
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
On Friday, Oct. 20, Bitcoin breached the $30,000 mark first time since August, edging within touching distance of its Year-to-Date (YTD) high in July at roughly $31,500. The resilience of the cryptocurrency was especially noteworthy, given the backdrop of prevailing geopolitical uncertainty, indicating a mystifying market behavior.
Over the weekend, Bitcoin consistently hovered around $30,000, a move primarily driven by a significant volume of liquidations. In the preceding 24 hours, liquidations exceeded $120 million, with short liquidations constituting approximately $85 million of that total. Notably, Bitcoin was responsible for nearly $23 million of these shorts.
Since Oct. 16, there has been a pronounced surge in daily short liquidations, reinforcing the notion of Bitcoin's robustness in the face of market volatility.
Market Cap $1.56T
24H Volume $37.17B
