Bitcoin's $30k Play Leads to $145M Liquidations: What This Means for the Market
The rally in Bitcoin's price towards $30,000 has led to over $70 million worth of liquidations for short traders in the past 24 hours, with the overall crypto market seeing roughly $145 million in liquidation. According to Coinglass data, most of the liquidations came from traders who held short positions against BTC and other cryptocurrencies. The majority of the liquidations occurred on Huobi, Binance, and ByBit, with three exchanges accounting for 73% of the overall liquidations. The market sentiment has been largely positive, with Markus Thielen, the chief researcher at Matrixport, predicting that Bitcoin's price could reach around $45,000 by the end of this year due to inflation being a big tailwind for risk assets such as Bitcoin.