Here is Everything That Happened To Bitcoin after Crossing $49,000 ⚡️
Bitcoin($BTC ) made a strong move, surging past $49,000 on February 12, backed by eight consecutive days of gains. However, this upward momentum brought about significant liquidations in the crypto market over the last 24 hours.
CoinGlass reported a staggering $135 million being wiped out from the crypto landscape, affecting both long and short positions. In crypto trading, long bets(positions) are placed when traders anticipate higher prices, while short bets(positions)come into play when expectations shift towards lower ranges.
The most substantial liquidation hit OKX, where a single order in an ETH-USD pair, totaling nearly $4 million, took the lead. Despite this, the largest liquidated positions overall were in BTC shorts, totaling over $35 million, overshadowing approximately $16 million in long trades.
Ethereum ($ETH ) took the second spot in terms of liquidations, with long positions dominating the closed leveraged bets for the asset. Crypto market volatility resulted in more than $13 million in ETH longs being wiped out, along with over $7 million in ETH shorts.
Solana ($SOL ) secured the third position in liquidations after BTC and ETH, with just under $8 million in closed leveraged trades. The crypto landscape is undeniably dynamic, showcasing both the potential for significant gains and the risks associated with leveraged positions. Investors and traders navigate this ever-changing terrain, adapting to the market's twists and turns.
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