Bitcoin price regains $20,000 level with more than $160 million liquidated
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Answer Bitcoin price regains $20,000 level with more than $160 million liquidated
Bitcoin price recovered and reclaimed the $20,000 level, as the price of Bitcoin surged and recorded a 7% increase in the last 24 hours.
The rest of the market was affected by the movement of Bitcoin and most of the altcoins became green as well.
This led to the liquidation of short positions betting on the Bitcoin price decline, resulting in the liquidation of more than $160 million.
Bitcoin price touched $20,800 today and is up 7% in the past 24 hours.
The rest of the cryptocurrency has followed suit, but Bitcoin appears to be the leading currency at the time of writing.Read:A subsidiary of “Block.One” is preparing to go public in a deal with “SPAC” worth 9 billion dollars
Bitcoin’s rapid rise has resulted in several transactions totaling $215 million being liquidated in the past 24 hours.
Interestingly enough, Bitcoin is leading the way with over $80 million in total liquidation.
This comes as a contrast because over the past few weeks, Ethereum has been the leader in terms of derivatives volume.
The largest single liquidation order placed on OKEx was a $3.62 million BTC-USDT swap.
It is also worth noting that the increased volatility comes a day after the European Central Bank raised interest rates by 75 basis points, a move many consider long-term bearish for the cryptocurrency market.Read:Over 2 Million Ethereum Burned Since EIP-1559 Upgrade
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What are the reasons for the decline of Bitcoin and its fall below 20 thousand dollars?
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