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Cryptocurrency traders faced a wave of liquidations on Valentine's Day as Bitcoin BTC/USD soared to new heights, with prices hitting $52,000marking a two-year peak.
What Happened: This surge led to $180 million worth of short positions being wiped out within 24 hours.
According to data reported by CoinGlass, a total of 68,831 traders experienced liquidations, with the aggregated value reaching approximately $238.89 million. The largest recorded liquidation order, valued at $10.20 million, was executed on the trading platform OKX against a Bitcoin to USDT swap.
While Bitcoin shorts constituted over $90 million of the liquidated positions, Ethereum ETH/USD was not far behind with shorts totaling around $40 million.
Traders in the cryptocurrency space are exhibiting signs of greed, as indicated by the latest readings from Alternative.mes Crypto Fear & Greed Index. The index, which serves as a gauge for investor sentiment, has climbed to a value of 71.
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Why It Matters: The rally added $1,000 to the price of Bitcoin in just one hour, contributing to the overall cryptocurrency market capitalizations approach toward the $2 trillion mark. Notably, Bitcoin itself surpassed a market cap of $1 trillion during this uptick.
A closer look at the market behavior was provided by the trader known as Skew, who said , 4H EMAs will provide nice & concise trend confirmations along with RSI for momentum with current trend, as well when its clear current momentum is lost."
Price Action: At the time of writing , Bitcoin was trading at $52,368, up 5.12% over the past 24 hours, as reported by Benzinga Pro.
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