Bitcoin Explodes to 18-Month Peak, Leaving $150 Million in Liquidations

Yesterday’s rollercoaster was just the beginning for bitcoin as the asset went back on the offensive during the early Asian trading hours and soared to just over $36,000 for the first time since May 2022.

With many altcoins performing even better, the total value of liquidated trading positions has jumped to $150 million on a daily scale.

• CryptoPotato reported yesterday’s pump and dump, which saw BTC moving by about a grand within minutes. Nevertheless, the cryptocurrency ultimately returned to around $34,000.
• After several hours of trading quietly around that level, the bulls took charge early on Thursday and initiated a massive leg up that only capitalized on the gains registered during October.
• In a matter of hours, bitcoin skyrocketed to just over $36,000, which became its highest price tag in a year and a half.
• Despite losing some ground since then, BTC is still 4% up on the day, with a market cap of around $700 billion. Its dominance over the altcoins is also steady at 53% and even in an expansion state, according to Glassnode, even though many have performed better on a daily scale.

BTCUSD. Source: TradingView* Solana and Uniswap have both shot up by double digits, by 11% and 15%, respectively. Impressive price jumps also come from the likes of ADA, MATIC, DOT, and AVAX.

• This enhanced volatility has harmed over-leveraged traders. The total liquidations on a daily scale have increased to $150 million, with more than 60,000 traders getting wrecked.
• The single-largest liquidation order took place on Binance and was worth over $1.5 million.