Cryptocurrency Liquidations Reach $238 Million as Traders Employing High Leverage Feel the Pressure

Within the past day, the crypto market has witnessed a substantial increase in liquidations, with Bitcoin (BTC) and various other digital currencies seeing a staggering $238 million in liquidated positions. According to the latest figures from CoinGlass, about 80,028 traders experienced liquidations, culminating in a total of $238.94 million. Notably, the most significant liquidation order occurred on the Bitmex exchange.

This noteworthy liquidation involved a ETHUSD order valued at a mammoth $22.71 million. This event interestingly aligns with the cryptocurrency market’s bounce back after the announcement that Donald Trump secured the presidential seat in the 2024 United States elections.

24-Hour Crypto Liquidation Statistics

Ethereum, which sits at the number two spot in terms of market valuation, is at the forefront of liquidations across all examined time frames. On the one-hour timeframe, exchanges witnessed over $808,430 of ETH liquidations. Within a full-day stretch, Ethereum faced $61.09 million in liquidations with short positions amounting to $47.64 million and long positions at $13.45 million.

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Hot on Ethereum’s heels is Bitcoin, with liquidations totaling $55.22 million. Bitcoin’s liquidations split between shorts valued at $26.37 million and longs at $23.85 million.

The liquidation effect also rippled through the altcoin sphere with Solana (SOL), Dogecoin (DOGE), XRP, and the meme token PEPE, totaling $23.76 million in 24-hour liquidations. NEIRO, a token pegged as a contender to Dogecoin, also made the list with $7 million in liquidations, with much of the liquidation activity stemming from the major trading platform Binance.

The Present Market Rally, Bitcoin and Ethereum’s Pricing Movements

Amidst this newfound market enthusiasm, Bitcoin’s value has climbed to unprecedented peaks, creating a new all-time high (ATH).

Presently, the premier cryptocurrency is priced at $76,172.24, a 1.42% uplift from the previous day, with its market capitalization reaching $1.51 trillion. Ethereum is also approaching the $3,000 mark with an impressive surge of over 16% over the last week. As per CoinMarketCap, the top altcoin is valued at $2,935.77, having realized a 4.32% increase in the last 24 hours. A number of market analysts had already predicted Ethereum’s positive response to Trump’s intention to incorporate digital assets within the US financial framework.

Even with such forecasts, Ethereum’s performance has surpassed expectations, catching many by surprise.

Future Watch, Potential Pricing Milestones

During his campaign, the Republican leader made multiple commitments to advocates of the crypto industry. One of his first-day office goals was to replace Gary Gensler as the Chairman of the US Securities and Exchange Commission (SEC).

If Trump stands by his word and puts an end to the SEC’s current enforcement-heavy policy, it may trigger an additional surge in the market.

Other potential drivers for a major price rally might include subsequent adjustments to the interest rates by the US Federal Reserve. The Federal Reserve has recently trimmed down interest rates by 25 basis points (BPS), following a previous reduction cycle that featured a 50 bps decrement.

Significantly, the latest rate cut pushed Bitcoin to its current zenith. Technology authority Arthur Hayes has hinted that the burgeoning debt issues in China may also present a bullish scenario for Bitcoin in the near future.