March 2, 2024

In a surprising turn of events, Bitcoin’s price has leaped significantly, leaving many traders who bet against it in a dire position. After weeks of consolidation, Bitcoin has surged to $28,442, up from its prolonged stretch in the $26,000 range. 

This sudden ascent has left “shorter sellers” with losses as the fierce struggle between bulls and bears continues.

Bitcoin Liquidations Hit $51.3 Million

Market statistics from Coinglass, a prominent tracker of derivative contracts, reveal that Bitcoin liquidations were worth over $51.3 million. These liquidations occurred on Oct 2 during Bitcoin’s rapid climb to $28,000. 

Short sellers, who were betting on the prices of digital assets crashing, bore the brunt of these losses. Notably, the largest single-order liquidation on Bitcoin amounted to a staggering $8.39 million and occurred on the Huobi exchange.

What’s particularly interesting is that Coinglass data suggests that a whopping 97% of derivative traders on Huobi are currently at a loss. Bitcoin short sellers collectively lost $17.25 million, while those betting on the cryptocurrency’s rise lost a relatively modest $472.99k.

The losses weren’t limited to just one exchange. On Binance, the largest cryptocurrency exchange by trading volume, 84.37% of futures traders incurred losses totaling $10.19 millionThis widespread trend of traders’ losses highlights the volatile crypto market.

In a broader context, Coinglass data reveals that 29,282 traders lost over $119 million in the last 24 hours. Those who anticipated a broader market decline took the most significant hit. Short sellers have generally liquidated over $90 million in their crypto investments.

In stark contrast, traders who bet on the positive side of the market lost only $28 million. This underscores the risks involved in shorting cryptocurrencies, as Bitcoin’s price can surge unexpectedly, causing losses for those who bet against it.

Bitcoin’s Q4 Performance and Market Dominance

As Bitcoin positions itself for the fourth quarter, many are optimistic. Experts have pointed out that historically, Q4 has been the period in which Bitcoin delivers its best performance of the year. 

This historical pattern could contribute to the recent surge in Bitcoin’s price, catching many traders off guard.

Furthermore, Benjamin Cowen, the founder of ITC_Crypto, has highlighted that Bitcoin’s dominance in the overall cryptocurrency market has tested the breakout point of 49%.

This means that Bitcoin’s supremacy rating in the market recently tested and held a significant level at about 49%. 

Cowen noted that Bitcoin’s dominance has increased over the past six weeks, suggesting a strengthening position for Bitcoin. Also, the fluctuations in the price of Bitcoin often signal the overall direction of the cryptocurrency market. 

If Bitcoin experiences a negative trend, it could trigger a broader market decline. This trend could affect altcoins with smaller market values even more severely.

Although September has typically been a positive month for cryptocurrencies, the unusual events of 2023 suggest a very cautious approach to October’s market expectation.

The fact that September did not exhibit a bearish trend raises questions about the probability of a bullish October. Nonetheless, while historical trends can provide some guidance, it’s important to remember that they don’t guarantee future outcomes.

TikTok Coin Hack: A Comprehensive Overview
Le changement de jeu ultime : Les pièces gratuites sur TikTok
Expert Recommendations: Coin Master Free Spin Hack
The Science of Avacoins Farming in Avakin Life
Free TikTok Coins: The Game Changer
Comprendre les générateurs de pièces TikTok : Mythes vs réalité
Mastering the Art of Earning Free Coins in LivU Video Chat
Earn Free Spins in Coin Master Like a Pro
Avakin Life Avacoins Farming Techniques: Unveiled
Free Credits in Bingo Blitz: The Ultimate Game Changer
Coin Master Spins Farming: Tips for Success
genshin impact codes for free primogems mora in january 2023
ZEPETO Zems Farming: What Every User Should Know
match masters free boosters match masters daily gifts
Free TikTok Coins: Your Path to Fame
Free Gems in Brawl Stars: The Future of Brawl Gaming
how to get free gems in dragon city 2023 dontruko
hack family island cheats gift codes resources speedup rubies
TikTok Coin Generators: Fact vs. Fiction
Desbloquea Monedas Gratis en TikTok: Tu Guía Definitiva
Maximize Your TikTok Earnings with Free Coins
TikTok Coin Hacks: The Complete Guide
Obtenez des pièces TikTok gratuitement en quelques étapes simples
Free TikTok Coins: The Game Changer
Free TikTok Coins: Insider Secrets
Guadagnare Monete Gratis su TikTok: Sfide e Ricompense
Maximize Your LivU Video Chat Experience with Free Coins
The Ultimate Game Changer: Free Spins in Coin Master
Free Avacoins in Avakin Life: The Key to Virtual Luxury
The Art of Earning Credits in Bingo Blitz

Leave a Reply

Your email address will not be published. Required fields are marked *