Crypto traders using leverage to bet on a Bitcoin price drop are getting hammered as a new week begins.
In the last 24 hours, $426.3 million in leveraged crypto bets have been liquidated, according to the market data tracker CoinGlass.
The vast majority of the liquidations hit traders going short, with total short liquidations hitting $346.1 million.
BTC is leading the volume with $227.96 in total liquidations in the last day, followed by Ethereum (ETH) with $73.33 liquidated and Solana (SOL) with $13.41 liquidated.
Bitcoin and the crypto markets have been steadily moving up since the start of the new year.
BTC is up from about $87,500 at the start of the year to $94,312 at time of publishing.
Crypto trader and analyst Michaël van de Poppe tells his 817,000 followers on X that BTC needs to hold above the $90,000 range to solidify the gains.
“Slowly, but surely, the momentum comes back into the markets. Great movements.
There’s one crucial level which must hold: the area around $90,000-$91,000 (or the 21-Day MA). If that holds and a higher low is established, we’re in for a test at $100,000.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Quanrong Huang/Chuenmanuse
The post $426,300,000 in Bitcoin and Crypto Liquidated As BTC Price Breaks Above $94,000 appeared first on The Daily Hodl.
