Bitcoin’s Rally to New All-Time High Above $106K Liquidates This Massive Whale
2024-12-16
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It took bitcoin just over ten days to reestablish its presence in the market by skyrocketing to a new all-time high, this time of well over $106,000.
It went up, down, and up again in the past 12 hours or so, leaving over $300 million in liquidations, but one particular order stands out as the largest.
Data from CoinGlass shows that the primary cryptocurrency’s rally has wrecked nearly 100,000 traders in the past 24 hours. However, the biggest single liquidated position took place on Binance and involved the BTC/USDT trading pair.
The total value was a whopping $19.86 million, which the whale lost during the volatile ride. Although it sounds as if it was likely from a short position, BTC also retraced by about two grand immediately after the latest peak, which could cast some doubt on whether it could have been a trader expecting further gains.
After all, just over 51% of the liquidations on Binance were for shorts. Nevertheless, these developments only go to show that traders should be wary when opening over-leveraged positions in the current volatile environment.
Aside from BTC, which has extended its dominance over the market, many larger-cap alts have posted some gains as well over the past 24 hours. These include ETH, SOL, DOGE, ADA, AVAX, and TON are up by around 2-3% each.
SUI have jumped the most from the larger caps, having gained 9% and trading close to $4.8.