Bitcoin’s price has recovered above $20,000, touching $20,800 today, showing an increase of over 7% in the past 24 hours. The rest of the market is also facing an increase, making traders excited.
The rest of the cryptocurrency market has followed this direction, but BTC appears to be the predominant leader at the time of this writing. This has left a considerable amount of liquidated positions totaling $215 million for the past 24 hours.
BTC currently leads the way with over $80 million in total liquidations. This changes because ETH was leading the way in terms of derivatives volume over the past few weeks.
This time, however, bears are underwater as over $160 million of the above were liquidated shorts.
The largest single liquidation order took place on OKEx, and it was a BTC-USDT swap with a face value of $3.62 million.
It’s also worth noting that the increased volatility comes a day after the European Central Bank hiked interest rates by 75 bps, a move that many consider to be long-term bearish for the crypto market.