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More than 400 million dollars liquidated after the price of Bitcoin rose to the level of 47 thousand dollars

More than 400 million dollars liquidated after the price of Bitcoin rose to the level of 47 thousand dollars

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Answer More than 400 million dollars liquidated after the price of Bitcoin rose to the level of 47 thousand dollars

The price of Bitcoin soared above $47,000 this morning, a price not seen since January 2, 2022.

The volatility has clearly affected the market, as over $410 million has been liquidated in the last 24 hours.

Bitcoin price is on a steady path forward as the largest cryptocurrency enters its seventh consecutive green day.

At the time of writing this article, Bitcoin is trading at $46,950, but it reached $47,650 earlier today (on Binance).

We haven’t seen this price point since January 2nd, when Bitcoin was going in the opposite direction.

Read:After the price of SOL cryptocurrency fell below $10 – will the fear and suspicion stop FUD around it?

With this rally, positive charts have been drawn for most of the cryptocurrencies.

The total market capitalization of the cryptocurrency market has increased by almost 13.5% in the past seven days to reach $2.11 trillion.

It is also worth noting that the increased volatility and turmoil in the market led to the liquidation of deals worth more than 410 million dollars during the past 24 hours, and most of these centers were betting on the decline and fall of prices.

Data from Coinglass reveals that the largest single liquidation order was made on the Bitmex platform.

A Bitcoin position worth a whopping $10 million was liquidated.

Read:An error in placing a currency purchase order (LINK/PAX) causes a trader to lose more than one million riyals

It is somewhat predictable, that approximately 80% of liquidated positions were short.

Read also:

Study: British Millennials Are The Biggest Users Of Cryptocurrency In The UK

The Bank of England uses the Massachusetts Institute of Technology to research the pros and cons of CBDC


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