Bitcoin hit a new 13-month high today at exactly $31,500 but was sharply rejected at the time and pushed down sharply around $1,500.
This has caused a lot of pain for over-leveraged long traders as the total value of liquidations has surged to over $140 million in one day.
- CryptoPotato today reported BTC’s surge to $31,000, which actually caused the asset to break through that level and hit $31,500 (on Bitstamp) for the first time in over a year.
- This notable price rise comes amid growing interest in the asset, particularly after BlackRock and several other financial giants applied to launch a spot Bitcoin ETF.
- However, in the hours that followed, the tides turned rapidly as BTC was not only unable to continue higher or stay at these levels, but was also strongly driven south.
- In the space of an hour, the cryptocurrency plummeted over $1,500 and slipped to just under $30,000.
- Several altcoins have also suffered: ETH fell below $1,900 while ADA, MATIC, AVAX and DOGE all tumbled 3%.
- Litecoin, on the other hand, is down almost 6% in one day and has slipped below $100. BCH and LEO remain among the few larger-cap altcoins still in the green.
- According to CoinGlass, this increased volatility has resulted in over $140 million worth of liquidations. As expected, over 93% of all 46,000 failed traders had long positions.
BTCUSD. Source: TradingView
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