Bitcoin Smashes $59,800 as $212M in Liquidations Rattle Traders

The crypto economy experienced a 5.6% boost over the past 24 hours, reaching $2.07 trillion by Thursday. Bitcoin has soared past the $59,800 mark, while ethereum has exceeded $2,500 per coin. This rapid climb on Aug. 8 resulted in $212.59 million in derivatives liquidations across the entire crypto market within the last day.

Crypto Economy Spikes to $2.07 Trillion—Thousands of Traders Wiped Out in $212M Liquidation Wave

Bitcoin has seen a sharp increase in value over the last few hours, hitting an intraday high of $59,848 per coin. Ethereum also climbed to a high of $2,525 as the entire crypto market has enjoyed a 5.6% lift in the past day. Among the top performers of the day are SOL, XRP, and TON.

Global trade volume has seen a slight uptick since Wednesday, with Thursday’s figures showing around $94.99 billion, a 0.69% rise from the previous day. Currently, BTC’s market cap holds a dominant 56.5% share, while ETH’s market cap stands at 14.5% of the $2.07 trillion crypto economy.

The day’s climb triggered $212.59 million in liquidated leverage positions over the last 24 hours, according to coinglass.com data. Bitcoin took the lead, with $65.74 million in shorts wiped out on Thursday. Ethereum saw a different trend, with $62.54 million in long positions cleared.

Significant liquidations also occurred with SOL and XRP, both from short positions—SOL shorts faced $19.67 million in losses, while XRP shorts had $13.04 million liquidated. In total, $110.30 million of the day’s liquidations were longs. Coinglass reports that 59,781 traders were liquidated throughout the day.

What do you think about the crypto market uptick on Thursday and the day’s liquidations? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn