The sharp rally in the combined crypto market capitalization has triggered a new round of liquidations, with Bitcoin (BTC) in the spotlight. Over the past 24 hours, 156,601 traders have suffered liquidations as the market moved against expectations, another twist in the ongoing global trade war.
During this period, actual liquidation figures hit $573.19 million. The largest single liquidation order took place on the OKX exchange and was worth $4.47 million in a BTC-USDT-Swap contract.
Crypto Liquidations: Bitcoin Leads the Pack
Soaring from its daily low of $74,589.67, the price of Bitcoin skyrocketed by over 8% to a new high of $82,942.43. This unexpected shift caught short traders off guard as they led the $225.06 million liquidation suffered by Bitcoin in 24 hours, per Coinglass data.
Specifically, BTC short sellers accounted for $137 million, while long traders bagged only $87.77 million. Drawing on the correlation between Bitcoin, Ethereum, and the top altcoins, other risk assets were not spared.
While Ethereum bagged a combined crypto liquidation of $161.71 million, XRP recorded $26.75 million. Both top altcoins saw more short liquidations, featuring $99 million for ETH and $17.29 million for XRP.
This liquidation figure remains a defining factor, as conversations on the XRP versus Ethereum status outlook are taking center stage again.
What Sparked The Bitcoin and Altcoin Price Rallies?
The market opened with a bearish twist as the US-China trade war rages on. However, US President Donald Trump announced a 90-day pause on the tariff for 75 countries that have opened a negotiation channel with America.
This policy shift has triggered a rebound for Bitcoin, and sustainability is now at the forefront of analyst conversations.
Although the latest crypto liquidation outlook points to market normalization, further escalation presents another headwind. In the latest shift announced by President Trump, China was isolated and slammed with a 125% tariff effective immediately.
Should China announce additional tariffs on US goods, the uncertainty in monetary policies may offset current gains from risk assets.
Beyond Crypto Liquidations: Market Expectations Grow
Since the start of April, the price of BTC has not dropped below $74,000. This resilience has prompted some industry leaders to issue renewed bullish projections on the coin.
Bitcoin advocate Samson Mow called the recent price swing a mini-Godzilla candle, with expectations of price boosts ahead. New growth forecasts align with Bitwise’s $1 million BTC price target, drawing on a dip, then a rip expectation.
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