Analysis

Bitcoin Rises To $30,000 Causes $150 Million To Be Liquidated In The Last 24 Hours

Key Points:

Bitcoin is breaking over the $30,000 price barrier, as traders have lost hundreds of millions of dollars in the previous 24 hours.
Over $150 million in positions were liquidated, in which short positions predominate because of short-term bearish market confidence.
BlackRock, the world’s biggest asset manager, has filed for a spot Bitcoin ETF, which has contributed to the rise of Bitcoin and the flood of funds into the global crypto market.

Bitcoin (BTC) has now crossed the $30,000 mark yesterday, a result that exceeded expectations for short-term investors. A large-scale liquidation by short squeeze occurred while the price of BTC soared.

Over $150 million in positions were liquidated in the past 24 hours, mostly due to short positions, according to Coinglass data. Of the total liquidation amount, the liquidation of short positions accounted for approximately $113 million.

The world’s largest cryptocurrency exchange, Binance, had the most liquidation at $67.35 million, followed by OKX with $58 million.

Source: Coinglass

Bitcoin has remained strong in the eye of proposals for Bitcoin spot ETF approval from significant companies such as Wisdom Tree, which follows asset management firm BlackRock. At the time of writing, BTC is trading at $30,155.

BTC price chart. Source: TradingView

In addition to BlackRock’s recent announcement of a Bitcoin ETF, Invesco has filed a similar application. Meanwhile, Deutsche Bank said on Tuesday that it has filed for a digital asset custody license in Germany. On the same day, crypto exchange EDX Markets, which garnered investment from financial giants such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets, began enabling trading using BTC and Ethereum (ETH). With such events, it is very likely that the $32,000 price zone will be the next challenge for BTC to conquer.

These acts represent a substantial shift in the industry’s perception of cryptocurrency and have played a fundamental part in nurturing the large capital flood into the crypto market. Around $100 billion has entered the market as of June 21, 2023, demonstrating the rising belief in the tremendous potential of digital assets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.