Data shows that the encrypted short holders have witnessed a collective liquidation event during the past day, as Bitcoin and other assets gathered.
Bitcoin set the highest new level ever exceeding $ 111,000
Despite the pessimism that surrounds bitcoin during the previous stage of the decline, the cryptocurrency may challenge expectations not only to recover to the highest previous level (ATH), but also its destruction to create a new record of approximately $ 111,800.
Below is a scheme that shows how the last upward batch of assets seemed.
The price of the coin has broken past the previous ATH of about $109,200 | Source: BTCUSDT on TradingView
BTC seemed to be doorstep after it reached 103,000 dollars earlier this month, but the currency could not collect enough steam for that final batch, which led to a decrease in prey to side unification. Of course, this has changed in the past two days, with a continuous momentum.
Altcoins has also witnessed its own communities recently, but in terms of weekly revenues, the original digital assets managed to outperform most of the best assets. ETHEREUM, for example, increased, about 3.5 % in this period, less than half of BTC’s return by 8.5 %.
The encryption references have exceeded $ 500 million in the past 24 hours
According to data from CoinglassThe fluctuations led by the number one cryptocurrency means that a large number of positions in the exchange of derivatives have ended up to find the liquidation during the past day. The “liquidation” here refers to the strong closure that any open contract must pass when its losses exceed a certain degree (as specified in the specified statute in which the position is open).
Below is a schedule showing the relevant figures related to the latest liquidation in the encrypted currency market:
Looks like shorts have taken the brunt of the hit | Source: CoinGlass
As visible above, the coded currency sector as a whole has witnessed $ 516 million in the qualifiers over the past 24 hours. Given the bullish prices, it is not surprising that we see that the short pants have been subjected to about 64 % of the total references ($ 334 million).
Regarding the collapse of the symbol, Bitcoin and Ethereum have been the best contributor to liquidation, as usual.
The heatmap related to cryptocurrency liquidations in the past day | Source: CoinGlass
A group liquidation event is known as the latest as “pressure”. Given that the short pants have been struck the most difficult in this event, they will be called as short pressure.
Although there is a large amount of qualifiers recently, it seems that the speculators were not bent, as the open interest in Bitcoin continued only.
The data related to the BTC Open Interest | Source: CoinGlass
The “open interest” tracks the total number of BTC situations that are currently open to all derivative platforms. Nowadays, this indicator sits at $ 81 billion, a noticeable increase in the value of $ 65 billion recorded on May 18.
Distinctive image from Dall-e, Coinglass.com, plans from TradingView.com
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