Investors who had bet low on the price of Bitcoin, known as “Bears”, faced colossal losses, but overall, the entire crypto market was affected, the sums amounting to a staggering + $315 million dollars in the last 24 hours, when the value of Bitcoin briefly surpassed the $35,000 barrier.
The liquidation of these bearish positions was particularly prominent in Bitcoin futures contracts, which represented liquidations in the last day, totaling an impressive 78.5% of short positions liquidated.
By contrast, Ether futures contracts alone saw liquidations totaling $50 million, across both long and short positions, according to data pulled from CoinGlass.
The three major cryptocurrency exchanges, Binance, Huobi and OKX, found themselves at the center of these massive sell-offs, as each of them recorded losses worth $50 million.
The most shocking liquidation occurred on Binance, with a liquidation order reaching a remarkable $10 million.
Bitcoin Soars 12% Reaching a High of $35,200 and the Crypto Market Takes Off
This dizzying rise in the value of the cryptocurrency was due in part to relatively low trading volumes, but, above all, to outstanding demand that added tens of billions of dollars to the total market capitalization in a very short period of time.
The main reason behind this sudden rise in Bitcoin price was the expectation of the approval of a Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
The ticker registration of a Bitcoin ETF managed by Blackrock boosted investor confidence and raised hopes of a bull market in the cryptocurrency universe.
— Lookonchain (@lookonchain) October 24, 2023
This notable turn of events marks a turning point in the crypto market, leading bearish Bitcoin investors to face significant losses as the market launches in a bullish direction, injecting excitement and optimism into a landscape that had remained relatively calm in recent years. last months.