The positive performance of Bitcoin and other major crypto assets over the past 24 hours has resulted in nearly $300 million in liquidations.
According to Coinglass data, 92,465 traders were affected by the liquidation, resulting in $286.14 million in losses. Most of the liquidation happened on Bitcoin and Ethereum.
Traders in short positions liquidated
Bitcoin traders recorded $103.73 million in liquidations, while Ethereum liquidations totaled $71.66 million in the last 24 hours.
However, LUNA was a surprise take with over $40 million in liquidations. LUNA 2 also recorded $9.87 million. ETC recorded $8 million and LUNA Classic liquidations totaled approximately $6 million.
The largest single liquidation took place on OKEX BTC-USDT-SWAP with a value of $3.92 million. OKEX, FTX and Binance recorded more than $200 million in liquidations.
Most liquidations resulted from short positions. As crypto markets rallied, the prices of most cryptocurrencies rose faster than many traders expected. But there were also traders with long positions that got liquidated.
LUNA up 183% in 24 hours
In the last 24 hours, bitcoin is up 3.2% and is now trading above $21,000 after trading below $19,000 just three days earlier.
Other cryptocurrencies including Ethereum, ETC, Luna Classic and Luna itself have also shown similar performances.
LUNA, in particular, is up 183% in the last 24 hours and is trading at $5.63. However, LUNC is down nearly 15% over the same period, despite being up 78% over the past seven days.
Overall, the industry’s market cap rose 1.7% in 24 hours to $1.09 trillion.
Clarity is coming to Crypto regulations
While the rise in the value of cryptocurrencies has already resulted in multi-million dollar liquidations, it has also increased investor optimism.
The positive price development is likely to be due to various macroeconomic factors and possible regulations. The performance of Bitcoin and most crypto assets mirrored the rise of the S&P 500 and Dow Jones.
SEC Chairman Gary Gensler said he supports giving the CFTC control of regulating non-securities assets. This means that Bitcoin and Ethereum would fall under the jurisdiction of the CFTC.
Meanwhile, the fall in the US dollar also contributed to the rise. After soaring to a nearly 20-year high, the dollar fell 1% against other major fiat currencies on Friday.
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