Nearly $240 million shorts liquidated as Bitcoin breaks above $22K

A Man Calling For Help Falling Off Mountain

Bitcoin (BTC/USD) is up 4.4% in the past 24 hours and nearly 7% higher over the past week to trade around $22,207 (at the time of writing).

The flagship cryptocurrency’s upside comes amid a positive weekend for crypto, catalysed by huge moves for Ethereum (ETH/USD). At the time of writing, Ethereum is trading near $1,480 – about 10% up in the past 24 hours and +27% over the week.

There have been decent gains across the rest of the top ten cryptocurrencies too, with the total crypto market cap now above the $1 trillion mark.

Over $237 in short liquidations

Amid the bullish bounce for BTC and ETH, more than $360 million in liquidations have been recorded across the market. 

According to data tracking site Coinglass, 79,302 traders were liquidated in the past 24 hours, bringing total liquidations to $362.45 million.

Of these, 65.5% were shorts across leading cryptocurrency exchanges and account for more than $237 million of the total 24 rekt volume.

OKX saw the highest liquidation orders at over $92.28 million, while FTX and Binance have also had huge volumes at $56.33 million and $46.57 million respectively.

Ethereum has seen the most liquidations (longs/shorts) over the past 24 hours, with more than $211 million (211,000 ETH). Bitcoin has seen over $72 million worth of trader positions liquidated (3,240 BTC). The liquidations have mounted since the weekend, as can be seen from the chart below shared by Glassnode.

#Ethereum markets have rallied strongly off the back of a large short squeeze in futures markets.

Over $98M in short futures positions were liquidated in one hour, pushing $ETH prices up by 12.5%.

Live Chart: https://t.co/r1epiXPddP pic.twitter.com/Pcz2XWKfPJ

— glassnode (@glassnode) July 16, 2022

Per data on Coinglass, FTX has had the largest single liquidation order over the past 24-hour period – a $2.83 million ETH-PERP contract.

The post Nearly $240 million shorts liquidated as Bitcoin breaks above $22K appeared first on Invezz.

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