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$100M in Liquidations as Bitcoin (BTC) Topped $30K For The First Time in 10 Weeks

20.10.2023
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The price of bitcoin continues its way up and jumped above $30,000 for the first time since early August, perhaps fueled by the speculations in regards to the possible approval of a spot BTC ETF in the States.

Several altcoins have performed similarly, if not even better, in the past 24 hours, which has resulted in a large number of liquidated short traders.

  • Bitcoin’s price went on a roll for the second time this week earlier today. And while the first was fueled by a false report in regard to the approval of a spot ETF and became a pump and dump, this second one seems to be more gradual and sustainable.
  • BTC stood at around $28,000 for a few days but shot up to above $29,000 earlier Friday morning before the bulls drove it further north to a 10-week peak at $30,300 (on Bitstamp).
  • Despite currently sitting inches below the coveted $30,000 line, BTC is still over 5% up on the day, with its market dominance soaring to nearly 52%.
BTCUSD 1h. Source: TradingView
  • The altcoins are also well in the green. XRP soared above $0.5 following a new victory against the SEC. SOL skyrocketed by double digits and tapped a multi-week peak of its own at $27.
  • These bullish price movements have caused severe pain for over-leveraged short traders. The total value of liquidated positions has shot up to over $100 million on a 24-hour scale, with short trades being responsible for roughly 80% of the entire amount.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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