Crypto liquidations surpass $560 million, bull run continues

Crypto liquidations surpass half a billion dollars while the crypto market capitalization and the majority of the leading cryptocurrencies have been moving in the green zone. 

According to data provided by Coinglass, the total crypto liquidations reached $567 million in the past 24 hours. Of this tally, $316.83 million worth of digital currencies have been liquidated from short positions and $250.92 million from long positions.

Bitcoin (BTC) alone accounts for roughly $172 million of the liquidations — $112 million from short positions and $60 million from long-positioned trades. The liquidations come as BTC recently touched a 28-month-high of $68,760 — a level last seen in November 2021. 

Bitget managing director Gracy Chen expects the Bitcoin price to surpass the $180,000 mark and probably even reach $200,000 before the current bull cycle ends. 

Per the data provider, the largest crypto exchange by trading volume, Binance, has the biggest share of the liquidations, $239.8 million, followed by OKX, Bybit and Huobi with $195 million, $57 million and $43 million of liquidations in the past 24 hours, respectively. 

Data from CoinGecko shows that the global crypto market capitalization is currently sitting at $2.62 trillion with Bitcoin having a $50.1 dominance — BTC’s market cap is hovering around $1.31 trillion at the time of writing. 

In addition, the total crypto market’s open interest is up by 6.4% over the past day, currently sitting at $67.18 billion, according to Coinglass.

The global cryptocurrency trading volume has also reached $348.94 billion, rising 87% in the past 24 hours, per Coinglass data.