Bitcoin’s rally near $28,000 sparks $75 million in market liquidations

Bitcoin’s rally near $28,000 sparks $75 million in market liquidations
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2023-10-16 11:51

Quick Take

Bitcoin exhibited a price surge of more than 2.5% in the last 24 hours and an overall increase of 4% across the weekend, positioning it just under the noteworthy $28,000 mark.

This uptick in Bitcoin’s value has had a significant ripple effect on the broader crypto market, instigating a total of $75 million in liquidations in the past 24 hours. Of this amount, Bitcoin’s price surge alone prompted $30 million in short liquidations. An analysis of the liquidations reveals a predominance of short liquidations, accounting for $62 million, while long liquidations made up the remaining $13 million.

In addition, the Ethereum/Bitcoin ratio, a reliable indicator of Bitcoin’s performance, registered a new low, declining by 1% over the past 24 hours to the current price of 0.0567. This dip underscores Bitcoin’s prevailing strength. Concurrently, Bitcoin’s dominance ratio has surpassed 51.3%, positioning itself on the cusp of a new year-to-date high, which, if achieved, would exceed 52%.

Liquidations: (Source: Coinglass) ETH/BTC & Bitcoin Dominance: (Source Trading View)

The post Bitcoin’s rally near $28,000 sparks $75 million in market liquidations appeared first on CryptoSlate.

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Bitcoin (BTC) на Currencies.ru

$ 61234.67 (-1.66%)
Объем 24H $27.047b
Изменеия 24h: -1.59 %, 7d: -0.30 %
Cегодня L: $60847.57 - H: $63287.39
Капитализация $1206.104b Rank 1
Цена в час новости $ 27775.18 (120.47%)

bitcoin million market rally sparks near liquidations

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