Friday, June 21, 2024

On October 24, 2023, bitcoin (BTC) witnessed a substantial growth of 13% during the initial trading hours, according to Eastern Time (ET). This surge elevated the value of bitcoin to $35,108 per unit and boosted the entire cryptocurrency market by more than 10%. As the market experienced this upswing, traders who had taken short positions in cryptocurrencies such as bitcoin and ethereum faced considerable losses. Within just a 24-hour span, an astonishing $323 million worth of crypto short positions were liquidated.

One-Day Surge: Rise in Cryptocurrency Market Erases $427 Million in Both Short and Long Positions

At present, the valuation of the cryptocurrency market stands at an impressive $1.3 trillion, reflecting a 10% increase. In the previous 24 hours, BTC’s value surged by 13%. Other major cryptocurrencies also posted significant gains: Ethereum (ETH) climbed by 9%, Binance Coin (BNB) increased by 5%, while XRP and Solana each rose by 7%.

The swift ascent in the prices of these leading cryptocurrencies led to a scramble among those who had bet against them. Their short positions were quickly liquidated following these rapid price increases. Recent statistics from Coinglass indicate that the market observed the liquidation of $51.91 million in long positions, along with a significant $103 million in short positions, all within the last 12 hours.

Source: Coinglass.com

A closer examination of the 24-hour metrics shows that short positions amounting to $323 million were wiped out, and an additional $104 million in long positions suffered the same fate. Of the total short positions liquidated, contracts in bitcoin constituted a major portion, tallying up to $232 million of the $323 million sum.

In parallel, ethereum (ETH) experienced the liquidation of more than $64 million in short positions. Short positions in Solana (SOL) added up to approximately $11.4 million. Moreover, short positions in a variety of other alternative cryptocurrencies amounted to roughly $21.83 million.

Coinglass’s data further underscored a surge in trading volume, which reached $203 billion in the past day— a notable 143% increase from the day prior. Open interest currently sits at nearly $29.73 billion, marking a 4.55% increase. Overall, liquidations in the cryptocurrency market over the last day amounted to a staggering $429.46 million, affecting both long and short positions.

What are your views on the erasure of speculative positions over the past 24 hours? We invite you to share your insights and perspectives on this topic in the comments section below.

Frequently Asked Questions (FAQs) about Bitcoin surge

What happened to Bitcoin’s value on October 24, 2023?

On October 24, 2023, Bitcoin experienced a substantial increase of 13% in its value during the early trading hours according to Eastern Time. This surge elevated Bitcoin’s value to $35,108 per unit.

How did this surge affect the overall cryptocurrency market?

The rise in Bitcoin’s value led to a more than 10% increase in the entire cryptocurrency market, boosting its valuation to around $1.3 trillion.

What was the impact on traders who had short positions in cryptocurrencies?

Traders who had taken short positions in Bitcoin and other cryptocurrencies found themselves facing significant losses. A staggering $323 million worth of short positions were liquidated within a 24-hour span.

How much were Bitcoin contracts affected among the total short positions liquidated?

Among the total short positions of $323 million that were liquidated, Bitcoin contracts made up a substantial portion, accounting for $232 million.

Did other major cryptocurrencies also experience price gains?

Yes, other major cryptocurrencies also posted significant gains. Ethereum climbed by 9%, Binance Coin increased by 5%, and both XRP and Solana rose by 7%.

What data did Coinglass provide regarding liquidations?

Coinglass reported that $51.91 million in long positions and $103 million in short positions were liquidated in the last 12 hours. The trading volume also surged to $203 billion, a 143% increase from the previous day.

What was the total amount in liquidations across both long and short positions?

The total amount in liquidations for both long and short positions in the last day was a staggering $429.46 million.

What is the current status of open interest in the cryptocurrency market?

The open interest in the cryptocurrency market currently stands at nearly $29.73 billion, which marks a 4.55% increase from the previous day.

More about Bitcoin surge

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

10 comments

SallyInvests October 25, 2023 - 3:42 am

I swear this market’s not for the faint of heart. One minute you think you’re gonna make bank, the next your positions are liquidated. Crazy times.

Reply
CryptoNerd October 25, 2023 - 6:39 am

BTC at 35k and I missed it? Got to get my alerts sorted out.

Reply
TomInTech October 25, 2023 - 9:51 am

Wonder what triggered this surge? Any news I missed?

Reply
Investor_George October 25, 2023 - 12:07 pm

Liquidation of both long and short positions? That’s wild, just shows the unpredictability of this market.

Reply
Linda_TheSkeptic October 25, 2023 - 2:09 pm

And people still say crypto is the future? Seems more like a casino to me.

Reply
Mike_Trader October 25, 2023 - 5:30 pm

This just proves volatility’s the name of the game in crypto. One day you’re up, the next you’re down. Strap in folks.

Reply
CryptoQueen October 25, 2023 - 7:27 pm

Ah man, knew I should’ve gone long on ETH instead of shorting it. What a loss.

Reply
JennyTheAnalyst October 25, 2023 - 8:47 pm

this is classic bull behavior in the crypto market. High risk, high reward.

Reply
Paul_Finance October 25, 2023 - 11:40 pm

Major shakeup indeed. Wonder how many retail investors got burned. Should really think twice before entering this market.

Reply
JohnDoe October 26, 2023 - 12:12 am

Wow, just wow. Didn’t expect BTC to hit 35k that fast. Those who shorted must be crying now.

Reply

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

Follow us

CryptokenTop

CrypTokenTop is a website dedicated to providing comprehensive information and analysis about the world of cryptocurrencies. We cover topics such as Bitcoin, Ethereum, NFTs, ICOs, and other popular crypto topics. Our mission is to help people learn more about the crypto space and make informed decisions about their investments. We provide in-depth articles, analysis, and reviews for beginners and experienced users alike, so everyone can make the most out of the ever-evolving world of cryptocurrency.

© 2023 All Right Reserved. CryptokenTop