Liquidation of $ 300 million after the price of bitcoin rose to its highest level in 18 weeks!

Liquidation of $ 300 million after the price of bitcoin rose to its highest level in 18 weeks!

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Answer Liquidation of $ 300 million after the price of bitcoin rose to its highest level in 18 weeks!

Bitcoin price After a few days of sideways trading and even sliding below $21,000, speculators returned to buying bitcoin on Saturday morning, pushing the currency’s price to the highest price since September 13, 2022.

With most altcoins also in the green, the number of short traders being liquidated has skyrocketed.

The beginning of 2023 continues to bring good news to cryptocurrency traders, who were quite frustrated after a painful and harsh year (2022).

Bitcoin price added more than $5,000 in the first few weeks of the new year and took advantage of $21,500 to reach a multi-month high.

Read:A technical error in the Binance futures platform causes an embarrassing situation for the founder of the platform (CZ)

Last weekend was noticeably quieter, as bitcoin settled around $21,000 and bulls had to fight to stay above that level, with many positive signs pointing to the end of the bear market.

Similar to last Saturday morning, it appears that the bulls have the upper hand in this battle as they pushed Bitcoin not only above $21,000 but also above the $22,000 level.

Bringing BTC price to an intraday high just below $22,800.

This level marks the highest price of Bitcoin in more than three months.

Most altcoins have followed suit with Bitcoin.

Ethereum price rose above $1,600 after a daily increase of 6.5%.

Solana Coin and OKB took the lead with massive double-digit price pumps.

SOL managed to clear the $25 level, while OKB reached the $35 level.

The cryptocurrency market cap has regained the coveted $1 trillion level on CoinMarketCap.

Naturally, these explosive moves hurt short traders and short positions who bet on the decline and fall of the Bitcoin price.

Currently the total value of positions liquidated in the last 24 hours is just under $300 million exactly $298 million according to the platform. coinglass.

Read:A Bitcoin whale bid for 6,500 BTC on Binance contributed to the price volatility on the platform

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