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Sharp Bitcoin (BTC) Recovery Sparks $311 Million in Marketwide Liquidation

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Thu, 21/03/2024 - 13:48
Sharp Bitcoin (BTC) Recovery Sparks $311 Million in Marketwide Liquidation
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The current recovery in the price of Bitcoin (BTC) has triggered another bout of liquidations in the industry. Current data from CoinGlass shows a shift in short traders, with market liquidations coming in at $311.83 million and more than 90,000 traders liquidated overall.

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The price of Bitcoin at the time of writing is pegged at $66,969.92, up by more than 6% over the past 24 hours. For a digital currency that traded as low as $62,082.55 within the time frame, recording this uptick is a major boost, one that has not favored short sellers.

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Exactly $98.99 million worth of Bitcoin has been liquidated over the past 24 hours, with shorts sell-offs coming in at $65 million and long liquidations worth $33.99 million. Ethereum (ETH) follows closely as the second most liquidated asset, with $86.4 million worth of coins liquidated. For Ethereum, $48.27 million short traders were liquidated as against a total of $38.13 million suffered by long traders.

The ETH liquidations can be explained considering the alleged investigation into the Ethereum Foundation. The knee-jerk reaction and the subsequent recovery that has helped Ethereum record 13% growth to $3,526.98 marks the reason for the recent liquidation spark.

Market in undefined mode

The digital currency ecosystem is at a tipping point. While the correction recorded in the past week is generally considered healthy for the entire industry, it remains unclear whether the current price boost will mark the beginning of another all-time high play for Bitcoin and other altcoins.

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Industry leaders are sticking with Ethereum despite its apparent distress and uncertainties surrounding the likely approval of its proposed spot ETH ETF product, owing to its potential securities classification.

In all, investors are holding onto core building fundamentals like Dencun upgrade, which may help push measurable growth in the long term.

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