Sunday, June 16, 2024

Bitcoin (BTC) Smashes $30,000 Milestone, Triggering $207 Million Liquidation for Traders

Bitcoin (BTC) Surpasses $30,000 Mark, Resulting in Substantial Losses for Traders”

The price of Bitcoin (BTC) has successfully broken through the significant $30,000 threshold, causing traders to face extensive financial setbacks reaching hundreds of millions of dollars.

In the past 24 hours, data provided by the renowned crypto tracking platform Coinglass reveals that a staggering sum of over $207 million has been liquidated, primarily attributed to short positions.

As Coinglass reports, short positions account for approximately $173 million of the total liquidations, while long investors have incurred losses exceeding $34 million.

Among the various cryptocurrency exchanges, Binance, the largest exchange globally, witnessed the highest amount of liquidations, totaling $41.1 million. Following closely behind is OKX, where liquidations amounted to slightly over $11 million. Interestingly, the most substantial individual liquidation occurred on the BitMEX exchange, surpassing $9.3 million.

Notably, economist Alex Krüger recently expressed confidence in BlackRock’s attempt to establish a Bitcoin exchange-traded fund (ETF). He stated that it could potentially present one of the most promising investment opportunities for Bitcoin enthusiasts this year. Krüger even speculated that the ETF might receive approval from the U.S. Securities and Exchange Commission (SEC) as early as next year, contrary to previous rejections of similar proposals.

Furthermore, data from Santiment, a reputable crypto analytics platform, highlights a surge in accumulation by whales holding between 1,000 to 10,000 BTC, reaching a seven-month high.

At present, the price of Bitcoin stands at $29,864, representing a notable 10.9% surge within the past 24 hours.

Read Also: Massive Whale Withdrawals: Ethereum (ETH) Worth Over $150 Million Pulled Out from Binance and Kraken Crypto Exchanges

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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