Bitcoin Price Explodes to $29K, Leaves $150M Liquidated

CryptoPotato

2023-06-21 05:54:16

Bitcoin’s price is on a path of considerable recovery, with the asset reaching almost $29,000 a few hours ago (a valuation last seen at the beginning of May).

This resulted in approximately $155 million in liquidations, with short positions representing the bigger share.

Bitcoin has been one of the best performers in the crypto market ever since the end of last week when BlackRockfiled with the US SEC to introduce a BTC Spot ETF in the States. The primary digital asset ascended from around $25,000 to nearly $26,500 shortly after the announcement.
While the price gradually climbed in the following days, it went on a massive rally yesterday (June 20), spiking to almost $28,800 (per CoinGecko data).
Logically, the six-week high resulted in massive liquidations. Coinglass revealed that the number had surpassed $155 million for the past 24 hours, with short traders responsible for $122 million (78% of that portion).
Bitcoin trades accounted for over $70 million of the total share, whereas Ethereum added another $25 million.
Currently, BTC is hovering around $28,700, while its dominance against alternative coins is at a two-year high above 50%.

BTC Price, Source: CoinGecko

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