Bitcoin holders lost $ 178 million amid rising cryptocurrency rate

Bearish bets on bitcoin have cost traders more than $ 178 million over the past 24 hours as the market’s flagship soared above a critical resistance level. The jump BTC $65,755.33 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion occurred amid expectations that the U.S. Securities and Exchange Commission (SEC) will approve the first spot ETF.

The data shows that bitcoin futures accounted for nearly 50% of the total $ 400 million in cryptocurrency liquidation on Monday, while ethereum futures accounted for only $ 50 million in long and short position liquidation. Liquidation occurs when the exchange forcibly closes a leveraged trader’s position due to a partial or complete loss of the initial margin. This happens when a trader is unable to meet the margin requirements for a leveraged position (does not have enough funds to keep the trade open).

The cryptocurrency exchanges Binance, Huobi, and OKX have seen liquidations of $ 50 million each, indicating the large amount of leverage used on these platforms. The largest single liquidation order occurred on Binance, with a value of $ 10 million.

On the evening of October 23, the flagship crypto asset tested the $ 31,000 level. However, later the price of bitcoin rose even higher — by 11.7%, testing $ 35,000. At the local peak, the market value of the main cryptocurrency reached $ 35,280 (BTC/USDT pair, Binance cryptocurrency exchange).

At the time of writing, bitcoin is trading at $ 34,054, an increase of 11.5% per day. The market capitalization reached $ 665 billion, and traders made daily trading deals worth $ 42 billion. The market dominance of BTC increased to 51.1%.