Bitcoin has posted two impressive gains in the past 48 hours, and it appears that Bitcoin’s days of doldrums are over, at least for now.
BTC has appreciated by more than 3 grand during this period, and daily liquidations have skyrocketed to well over $100 million.
Major cryptocurrencies fell sharply after the US SEC approved more than a dozen spot ETFs on January 10, especially when they began trading the next day.
Over the next two weeks, the asset fell more than 10 grand, bottoming out at $38,500 on January 23rd. At this point, the bulls finally gained momentum and pushed BTC to its $43,000 level, where it had been rising for just over a week.
After this unusual slump, Bitcoin began its rally yesterday, reaching $45,000 for the first time since the ETF was approved a month ago. The past 12 hours or so have seen very positive developments as the cryptocurrency soared above his monthly high of $46,000.
Several altcoins have also made impressive gains during this period, with SOL and ADA being the most prominent among the large caps.
Therefore, this volatility and price increase is hurting over-leveraged traders. According to CoinGlass data, 37,000 traders have been liquidated in the past day, bringing the total amount of failed positions to $115 million.
More than $80 million of the total amount came from short positions. The single largest liquidation took place on BitMEX and involved the trading pair BTC/USD, with a value of over $5 million.