Bitcoin's climb past $35000 triggered over $221 million in liquidations – CryptoSlate

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The global crypto market cap is $1.27 trillion with a 24-hour volume of $93.53 billion. The price of Bitcoin is $34,225.20 and BTC market dominance is 53.0%. The price of Ethereum is $1,815.45 and ETH market dominance is 17.3%. The best performing cryptoasset sector is Insurance, which gained 27%.
Bitcoin’s surge above $35,000 leads to massive $221 million in liquidations
A remarkable spike in Bitcoin’s value during the early hours (UTC) has precipitated a slew of liquidations across the cryptocurrency market, underscoring once again the high volatility of the digital asset sector.
As per the data, Bitcoin crossed the $35,000 threshold around 2 a.m., setting off a domino effect of liquidations totaling over $221 million. This event was a significant contributor to the $400 million in liquidations witnessed across the entire digital currency market in the past 24 hours.
The bulk of these liquidations, approximately $300 million, were attributed to the short side. This indicates a widespread closure of positions that gambled on Bitcoin’s value falling rather than rising.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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