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🇰🇬 Kyrgyzstan /Economy & Trade

Bitcoin rises after positions held by nearly 99,000 traders are liquidated

From 24.kg · () Russian

Translated from Russian and summarized by DistantNews. Read the original for the full story.

At a glance

News Documents & data Context piece
  • Cryptocurrency exchanges liquidated positions held by nearly 99,000 traders, worth $557.05 million, over 24 hours, according to Coinglass.
  • Bitcoin accounted for $278.62 million of the liquidations, while its price rose 4.33% to $80,814, Binance data showed.
  • Total cryptocurrency market capitalization reached $2.71 trillion, with Bitcoin accounting for $1.62 trillion and Ethereum for $305.19 billion.

Nearly 99,000 traders had positions liquidated across global cryptocurrency exchanges over the past 24 hours, with the combined value reaching $557.05 million, according to data from Coinglass.

Bitcoin accounted for $278.62 million of those liquidations. Short positions made up about $469.46 million, while long positions accounted for $87.6 million. The largest single liquidation order, worth $5.26 million, involved the BTCUSDT trading pair on Binance.

Despite the forced closures, major cryptocurrencies continued to rise. Binance data showed Bitcoin gaining 4.33% to $80,814 by the morning, while Ethereum rose 4.74%.

CoinMarketCap put the total cryptocurrency market capitalization at $2.71 trillion. Bitcoin represented $1.62 trillion of that total, and Ethereum accounted for $305.19 billion.

A liquidation occurs when an exchange forcibly closes a leveraged position because the trader no longer has enough funds to maintain it. The mechanism limits the trader’s exposure to further debt and protects the exchange from additional risk.

About this summary

Originally published by 24.kg in Russian. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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