The world’s biggest crypto, Bitcoin (BTC) is on a whooping surge dodging all hurdles and resistances on the way to breach the $37k price level. The BTC price surge left the crypto short traders bleeding as the sentiments in the crypto market turned bullish. Coinglass data depicts that over $95 million worth of liquidation was recorded in the last 24 hours.
Bitcoin price surge leaves shorters confused
As per the Coinglass data, more than 64k traders were liquidated over the past day. The total liquidations recorded by the tracker stood at around $200 million. The single biggest liquidation order of $14.76 million was executed on the crypto exchange OKX.
It should be noted that 81% of the $200 million liquidation positions (approx worth $162 million) turned out to be short positions. While $36 million worth of long positions got liquidated over the past 24 hours. This implies that the traders were betting against the ongoing market surge. Meanwhile, bullish sentiment erupting in the market foiled shorters expectations.
The global crypto market cap jumped by almost 3% over the last day. The cumulative market cap stands at around $1.37 trillion. This surge is fueled by the Bitcoin’s run up to the much anticipated $37k level. Bitcoin price is up by more than 4% in the last 24 hours. BTC is trading just shy of $37K at $36,935, at the press time.
Will BTC price jump ahead?
Coinglass data depicts that more than $96 million worth of long and short positions on Bitcoin price got liquidated in the last 24 hours. As per the data, 91% (approx worth $87.3 million) of the total liquidation registered turns out to be short positions. However, BTC flipped the entire shorter bet.
As per reports, the U.S. Securities and Exchange Commission (SEC) may move ahead to approve all 12 pending spot BBitcoin exchange-traded fund (ETF) applications, and that too within the next eight days. This expectation was fueled by the BTC’s recent upward rally. Analysts suggest that from November 9 to November 17, the commission has a potential “window” for approval, including Grayscale’s GBTC trust conversion.