Liquidations worth hundreds of millions of dollars are hitting cryptocurrency markets as Bitcoin (BTC) reaches the $64,000 level for the first time since late 2021.
In the past 24 hours, traders witnessed $638 million worth of liquidations, most of which were short positions, according to new data from market intelligence platform Coinglass.
The flagship digital asset itself has seen a whopping $185.62 worth of derivatives contracts vaporize at the time of this writing, while other assets such as leading smart contract platform Ethereum (ETH) and dog-themed meme asset Dogecoin (DOGE) have lost $7,753 each. It recorded 10,000 dollars and 31.62 million dollars.
Other notable cryptocurrency assets that saw significant liquidations on the last day included ETH rival Solana (SOL), which lost $10.17 million worth of contracts, and memecoin Pepe (PEPE), which lost $11.91 million worth of contracts.
According to the data, most liquidations took place on four different centralized cryptocurrency exchange platforms, including Binance, OKX, Huobi, and Bybit.
In a new thread, Hunter Horsely, CEO of Bitwise Invest: says The 31,300 followers of social media platform
“Bitcoin will erode gold’s TAM faster than people expect. Bitcoin at $250,000 could happen much sooner than most people who have been watching the sector for years imagine.
why? For 15 years, Bitcoin has proven its merits, but only a select few have access to it. The Bitcoin ETF was Bitcoin’s IPO moment. It is now available to all investors with the click of a button.
“The market has changed tenfold.”
Earlier today, widely known cryptocurrency analyst DonAlt said BTC’s big move marks Bitcoin’s “final stand” before reaching new all-time highs, adding that he will remain bullish on the cryptocurrency king until it undergoes a sharp reversal. Yes.
At the time of writing, Bitcoin is trading at $63,235, up 8.2% in the last 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Featured image: Shutterstock/Sergey Nivens/Fotomay