The recent Bitcoin rally to new highs has set the crypto market ablaze, with a cascade of liquidations following the surge in price. Data from Coinglass reveals that crypto liquidations have jumped by 70% over the past 24 hours, with a staggering $650 million wiped out.
Both Bitcoin and Ethereum have entered overbought zones, igniting debate on whether a market correction is just around the corner.
Source: Coinglass
Record-Breaking Bitcoin Rally Pushes Liquidations to $650M
Bitcoin’s march to an all-time high of $81,858 spurred heightened activity across exchanges, leading to $366 million in long liquidations and $284 million in shorts over the past day.
The flagship cryptocurrency alone saw $122 million liquidated, split between $37.5 million in longs and $84.6 million in shorts, highlighting the sharp price fluctuations traders have been riding. Bitcoin’s surge has brought its market cap to $1.6 trillion, while Ethereum’s latest move pushed its price to $3,241
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