Bitcoin’s period of little growth appears to be over, for now, as the asset has experienced significant gains twice in the last 48 hours.
During this time, BTC has increased by more than three thousand dollars, with daily liquidations surpassing $100 million.
The primary cryptocurrency suffered a major drop after the US SEC approved nearly a dozen spot ETFs on January 10, and particularly the following day when they began trading.
In the subsequent two weeks, the asset plummeted by more than ten thousand dollars, hitting a low of $38,500 on January 23. At this point, the bulls intervened and pushed BTC to $43,000, where it remained for just over a week.
Following this uncharacteristic stagnation, Bitcoin started climbing yesterday and surged to $45,000 for the first time since the ETF approvals a month earlier. The last 12 hours have also been quite positive, with the cryptocurrency reaching another monthly high of over $46,000.
During this time, several altcoins have also seen substantial gains, with SOL and ADA being the most notable among the larger caps.
As a result, this volatility and price hikes have negatively impacted over-leveraged traders. Data from CoinGlass indicates that 37,000 traders have faced liquidation in the past day, with the total value of positions being liquidated reaching $115 million.
Of the total amount, over $80 million comes from short positions. The largest single liquidation occurred on Bitmex involving the BTC/USD trading pair, with a value exceeding $5 million.
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