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Bitcoinโ€™s climb past $35,000 triggered over $221 million in liquidations Bitcoinโ€™s climb past $35,000 triggered over $221 million in liquidations

Bitcoinโ€™s climb past $35,000 triggered over $221 million in liquidations

Bitcoin's surge above $35,000 leads to massive $221 million in liquidations

Quick Take

A remarkable spike in Bitcoin’s value during the early hours (UTC) has precipitated a slew of liquidations across the cryptocurrency market, underscoring once again the high volatility of the digital asset sector.

As per the data, Bitcoin crossed the $35,000 threshold around 2 a.m., setting off a domino effect of liquidations totaling over $221 million. This event was a significant contributor to the $400 million in liquidations witnessed across the entire digital currency market in the past 24 hours.

The bulk of these liquidations, approximately $300 million, were attributed to the short side. This indicates a widespread closure of positions that gambled on Bitcoin’s value falling rather than rising.

Liquidations: (Source: Coinglass)
Liquidations: (Source: Coinglass)