Bitcoin Bull Run Triggers $482M Crypto Liquidations – More to Follow?
Mustafa Mulla21 Nov 20242 min read
Bitcoin’s rapid climb toward the $100,000 milestone is creating massive buzz across the crypto market. Over the past 24 hours, more than $482 million worth of positions were liquidated, affecting nearly 166,000 traders.
While some are riding the wave, others—especially those betting against Bitcoin—are facing heavy losses.
Short Traders Hit Hard
Leading the charge, Bitcoin has soared to a new all-time high of nearly $98,363. Its unstoppable rally has put short traders, who wager on price declines, in a tough spot.
In the last day alone, short traders lost more than $99 million, while long traders, betting on further price increases, faced losses of around $27 million. This underscores the intense volatility gripping the market as traders try to anticipate Bitcoin’s next move.
$482 Million Liquidated Across the Market
The broader crypto market has also been rocked by liquidations, which totaled $482 million in the past 24 hours. Data from CoinGlass reveals that long positions accounted for $273 million of the losses, while short positions made up $212 million.
Ethereum Lags Behind
Ethereum, the second-largest cryptocurrency, has also been affected. While it hasn’t faced losses on the same scale as Bitcoin, Ethereum still saw $70 million in liquidations during this period.
Ethereum’s price is currently around $3,240, showing a modest increase from the previous day. However, it remains far below its all-time high of nearly $4,900, a stark contrast to Bitcoin’s recent performance. Ethereum is still down by about 33% from its peak, highlighting its challenges amid Bitcoin’s rally.
Market Instability: More Liquidations Ahead?
As Bitcoin approaches the $100,000 mark, the market remains on edge. Companies like MicroStrategy are aggressively buying Bitcoin, pushing prices even higher and increasing the likelihood of more liquidations.
As Bitcoin moves toward the $100,000 mark, it’s clear that the crypto market is far from stable. Traders are betting big, but when things go wrong, the losses can be massive.
