$100M in Liquidations as Bitcoin (BTC) Topped $30K For The First Time in 10 Weeks

2023-10-20 12:11:10

The price of bitcoin continues its way up and jumped above $30,000 for the first time since early August, perhaps fueled by the speculations in regards to the possible approval of a spot BTC ETF in the States.

Several altcoins have performed similarly, if not even better, in the past 24 hours, which has resulted in a large number of liquidated short traders.

Bitcoin’s price went on a roll for the second time this week earlier today. And while the first was fueled by a false report in regard to the approval of a spot ETF and became a pump and dump, this second one seems to be more gradual and sustainable.
BTC stood at around $28,000 for a few days but shot up to above $29,000 earlier Friday morning before the bulls drove it further north to a 10-week peak at $30,300 (on Bitstamp).
Despite currently sitting inches below the coveted $30,000 line, BTC is still over 5% up on the day, with its market dominance soaring to nearly 52%.

BTCUSD 1h. Source: TradingView* The altcoins are also well in the green. XRP soared above $0.5 following a new victory against the SEC. SOL skyrocketed by double digits and tapped a multi-week peak of its own at $27.

These bullish price movements have caused severe pain for over-leveraged short traders. The total value of liquidated positions has shot up to over $100 million on a 24-hour scale, with short trades being responsible for roughly 80% of the entire amount.

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