Amid Bitcoin Rising Trajectory, Price Speculators Witness Biggest Single-Day Loss of 774 Million Dollars in 2024

Crypto News– Crypto derivatives speculators endured significant losses in the past day, totaling approximately $774 million, marking the highest single-day loss of the year due to volatile market swings.

Amid Bitcoin Rising Trajectory, Price Speculators Witness Biggest Single-Day Loss of 774 Million Dollars in 2024

Bitcoin, the leading digital asset, surged to its highest level since November 2021, surpassing the $63,000 mark in an impressive rally. However, the euphoria was short-lived as the price swiftly plummeted below $60,000, partly triggered by fear stemming from technical glitches on major exchanges like Coinbase and Binance.

Adding to the volatility, observers noted substantial Bitcoin transfers from wallets linked to funds seized by US authorities in the Bitfinex hack. The movement of nearly $1 billion to undisclosed addresses fueled speculation that authorities might capitalize on the market surge to offload their holdings. However, CryptoSlate analysis suggests the movement was likely related to UTXO management.

Despite the turbulence, Bitcoin managed to regain ground, rallying to $62,530 at the time of reporting, marking a 7% gain over the previous day.

Meanwhile, other prominent cryptocurrencies also witnessed impressive gains. Ethereum, for instance, surged 5% to nearly $3,500, reaching its highest value since April 2022. Solana also experienced a resurgence, hitting around $130, its highest level in 22 months, according to CryptoSlate data.

Among the top 10 cryptocurrencies by market capitalization, Cardano and Dogecoin stood out with remarkable double-digit gains of 11.78% and 39.16%, respectively.

Nearly 190,000 Traders Liquidated, Resulting in Losses of 774 Million Dollars

In the last 24 hours, the strong performance of the bullish market led to the liquidation of 189,679 traders, resulting in a substantial sum of $774 million in losses, according to data from Coinglass.

Short traders predominantly populate the current liquidation landscape, contributing significantly to the overall losses. Those speculating on price declines collectively faced a loss of $409 million, while long traders, expecting price rises, incurred losses totaling approximately $365.48 million.