Bitcoin Jump Liquidates $400 Million Worth of Short Crypto Positions

More than 70,000 crypto trading orders were liquidated in the last 24 hours.

Bitcoin, the world’s most valuable cryptocurrency, gained nearly 12% in the last 24 hours. BTC jumped above $37,500 today and touched a market cap of $700 billion. The latest jump in the price of BTC has triggered massive liquidations in the crypto market.

According to the latest data published by crypto analytics platform,, more than $400 million worth of short crypto positions were liquidated in the last 24 hours. Liquidations include nearly $320 million worth of short Bitcoin positions along with $70 million worth of short Ethereum positions.

Bybt data shows that approximately 70,000 trading orders were liquidated within a single day. The largest Bitcoin liquidation order happened on Huobi worth nearly $5 million. Significant liquidations were also seen in XRP and cryptocurrency Dogecoin (DOGE).

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Bitcoin saw a rebound on 10 June after the digital currency dropped to approximately $31,000 on Tuesday. The latest jump in the price of Bitcoin has caused a spike in the crypto market dominance of BTC. Currently, the most valuable digital asset has a market dominance of 43%, which is up from 41% at the start of this week.

Bitcoin Whales

Santiment, a blockchain tracking firm and analytics provider, recently highlighted a surge in the accumulation of Bitcoin by large BTC addresses. In a Tweet on Thursday, the company said that Bitcoin whale addresses accumulated more than 80,000 coins in the past month. “Bitcoin has jumped back over $37,000 today, while Ethereum and altcoins are staying flat. As a result, crowd interest in BTC has spiked back up to 3-week highs. BTC whales aren’t slowing down their accumulation, and the uptrend of tokens held by these addresses holding 1,000+ BTC continues. This is a strong bode of confidence for bulls, seeing top key stakeholders are increasing their bags,” Santiment tweeted.

Bitcoin is currently trading near $36,600 with a market cap of $685 billion. The overall market cap of digital currencies now stands at around $1.62 trillion, which is up by nearly 10% in the last 24 hours.

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