No one can say the crypto winter is over yet, but the good news is that Bitcoin and ETH seem to have gained significant momentum over the past 24 hours. This greenish price movement caused many investors to liquidate their short positions.
Another piece of good news is that the recently plummeting global crypto market capitalization has gained $150 billion. Now it’s over 1 trillion.
Ethereum Price Rises as Bitcoin Rises
According to data available on CoinMarketCap, BTC price at the time of writing is about to register the $24,000 mark, while Ethereum stands at $1,605, showing a significant increase in 24 hours.
Based on historical data, Bitcoin broke above the $20,000 mark when the market closed on July 16. It opened in July at $21,195.04, but sadly fell to $20,779.34 when the market closed on July 17. But on July 18, the number one crypto saw an increase to $22,176.05 and continued to hold the midday price increase.
Also, the second largest crypto ETH has seen a positive price development. Ethereum ETH price gained 9% on July 18. The crypto had been trying to hold its price above $1,200 since July 7, when it hit that high.
Unfortunately, it fell to $1,097.24 when the market closed on July 11 and remained below $1,100 until July 13. From that day, ETH started its journey above the $1,100 level until July 18, when it reached $1,471.65 representing one 24 hours. increase of 9.12%.
Short positions liquidated
The positive price movement on Bitcoin and Ethereum led to the liquidation of many short positions. According to our sources, the total short positions liquidated amount to $160 million while the long positions amount to $90 million, making a total of $250 million in liquidations.
According to the data available on coin glass, FTX recorded the biggest sell-off to date. In the past hour alone, the price of ETH in the futures sector has seen over $4 million in liquidations.
The data also showed that investors are liquidating more of their ETH positions and have been working there for more than 4 hours since the price changed. Our sources revealed that approximately 65,000 ETH was liquidated, amounting to $94 million during these hours.
Related Reading | Ethereum Merger: How ETHBTC Could Hint at a Return in Risk Appetite
As for positions being liquidated, our sources discovered that others were in short positions and taking place on many major crypto exchanges. Crypto exchange OKX records the most liquidations in the past 24 hours, surpassed only by Binance. These platforms have liquidated over $10 million in short positions in the past 4 hours.
Featured image from BBC, chart from TradingView.com