Bullish momentum persists as crypto liquidations exceed $560 million

Crypto liquidations have surged past the $500 million mark, as the overall crypto market and most major cryptocurrencies continue to show positive movement. According to Coinglass data, total liquidations in the past 24 hours reached $567 million. Short positions accounted for $316.83 million of the liquidations, while long positions contributed $250.92 million.

Bitcoin (BTC) alone makes up a significant portion of the liquidations, with approximately $172 million. Of this amount, $112 million came from short positions and $60 million from long positions. These liquidations coincide with BTC’s recent surge to a 28-month high of $68,760, a level not seen since November 2021.

Gracy Chen, the managing director of Bitget, anticipates that the price of Bitcoin will surpass $180,000 and potentially even reach $200,000 before the current bullish cycle concludes.

Among the cryptocurrency exchanges, Binance leads in terms of liquidations, with $239.8 million. It is followed by OKX with $195 million, Bybit with $57 million, and Huobi with $43 million in liquidations over the past 24 hours.

Data from CoinGecko reveals that the global crypto market capitalization currently stands at $2.62 trillion, with Bitcoin dominating at $1.31 trillion. Bitcoin’s market cap represents a dominance of 50.1%.

Furthermore, the total open interest of the crypto market has increased by 6.4% in the past day and now stands at $67.18 billion, according to Coinglass.

Coinglass data also shows that the global cryptocurrency trading volume has surged to $348.94 billion, marking an 87% increase in the past 24 hours.

In other news, former executives from Binance have launched a hybrid crypto exchange called Blum.

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