Bitcoin Surpassing $22k Triggers $250 Million in Liquidations

Bitcoin bullish trend continue pumping price to above $22,000.
Market value of cryptocurrencies is over $1 trillion.
52,000 dealers have sold a total of $250 million worth of cryptocurrencies.

Bitcoin’s (BTC) weekly rise continues with a jump above $22,000, and the market value of all cryptocurrencies is back above $1 trillion after reaching that level earlier this week.

Because of the pump, the cryptocurrency markets, such as Avalanche (AVAX), are currently experiencing another round of intense selling pressure. On Friday, the value of one Bitcoin was approximately $21,380, but by Saturday, it had increased to $22,370, a jump of $1,000 from its previous level. Ever since time began, prices have continued to climb, with the most expensive asset reaching its current selling price of $22,685.79 as of the time this was written.

On the other hand, during the same period of time, the price of Ether went from $1590 to $1651. Prior to Ethereum’s merge and, respectively, the collapse of FTX, neither asset traded at these levels, and both occurrences triggered huge decreases in the value of the cryptocurrency market.

According to data provided by Coinglass, in the past twenty-four hours, about 52,000 dealers have sold a total of $250 million worth of cryptocurrencies as a result of the recent price spike.

According to the news, Bitmex had the largest XBTUSD trade liquidation, which was worth $3.15 million. OKEx is by far the most prominent cryptocurrency exchange in terms of the overall volume of its liquidations.

Bitcoin prices started to go up after the BLS announced good inflation numbers the previous week. This signaled to the market that the Fed may have reached a point where it can stop raising interest rates. But Arthur Hayes, who served as the CEO of BitMex in the past, is skeptical that there will be a shift in the near future.

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.