$160 Million Worth of Crypto Shorts Liquidated in the Last 24 Hours

The total market cap of crypto assets crossed the level of $2 trillion yesterday after a strong rally in altcoins. XRP, Dogecoin, Binance Coin and Polkadot posted strong gains within the last 24 hours. Due to the latest jump in digital currencies, liquidations across the crypto market have accelerated since yesterday.

The latest data posted by bybt.com shows that nearly $160 million worth of short crypto trading positions were liquidated in the last 24 hours. Approximately $55 million worth of short Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term trading positions got liquidated along with $40 million worth of short Ethereum positions.

In addition to Bitcoin and Ethereum, XRP, Dogecoin, Solana and EOS also saw major liquidations in the last 24 hours. According to bybt.com, the largest single liquidation order happened on crypto exchange bybit with a total value of nearly $5.85 million.

Commenting on the latest surge in the crypto market, Simon Peters, Market Analyst at eToro, said: “Crypto-assets continued their surge last week, with Cardano (ADA) a standout performer. ADA started the week at $1.41 but has since soared, reaching over $2.24 on Saturday – a 96% rise. At the time of writing the crypto asset is trading around $2.14. Bitcoin continues to edge back towards the $50,000 mark as it maintains its steady recovery. Having started the week below $44,000, BTC at times traded above $48,000 as its rally progressed with some Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term. It is now trading around $47,431.”

Crypto Market Developments

Last week, US Senate passed the infrastructure bill including key amendments to the cryptocurrency regulations in the country. Despite the reason that the adoption of cryptocurrency assets has increased in the US, there are still uncertainties regarding the potential outcome of the crypto amendments.

“The bill contains new regulations for US-based crypto firms to extend the definitions of what defines a crypto ‘brokerage’ to include exchanges, which will set new higher-level requirements for tax reporting of users. The bill is now set to head to the House of Representatives for further scrutiny,” Peters added.