Bitcoin Price Rockets Over 46K Dollars, Causing Liquidations of More Than 100M Dollars

Crypto News- It appears that Bitcoin’s days of stagnation are behind us, at least for now. The cryptocurrency has demonstrated significant gains twice within the last 48 hours alone.

During this brief period, BTC has surged by over three thousand dollars, while liquidations on a daily basis have skyrocketed to well over $100 million.

Bitcoin Price Rockets Over 46K Dollars, Causing Liquidations of More Than 100M Dollars

The journey for this primary cryptocurrency has been quite eventful, particularly following the US SEC’s approval of nearly a dozen spot ETFs on January 10, which was followed by their trading debut a day later.

In the subsequent two weeks, Bitcoin experienced a substantial decline of over ten thousand dollars, hitting a low of $38,500 on January 23. However, the bulls eventually seized control, propelling BTC back up to $43,000, where it maintained its position for just over a week.

Bitcoin’s Rollercoaster Ride: Surging Prices, Liquidations, and Altcoin Gains Define Recent Crypto Market Dynamics

Following an atypical period of stagnation, Bitcoin initiated a climb yesterday, reaching $45,000 for the first time since the ETF approvals a month prior. The positivity continued over the past 12 hours, with the cryptocurrency surging to another monthly high of over $46,000. Notably, several altcoins have also witnessed impressive gains during this period, with SOL and ADA emerging as standout performers among the larger caps.

However, amid this volatility and price surge, over-leveraged traders have suffered losses. According to data from CoinGlass, 37,000 traders were liquidated in the past day alone, resulting in a total loss of $115 million.

Of this sum, more than $80 million was attributed to short positions. The largest liquidation occurred on Bitmex, involving the BTC/USD trading pair and amounting to over $5 million.