Over $400M in Liquidations as Bitcoin Price Skyrockets to $47K

Bitcoin’s price shot up above $47,000 this morning – a price that we hadn’t seen since January 2nd. The volatility also took its toll on the market, leaving over $410 million worth of liquidations in the past 24 hours.

• Bitcoin’s price is on a steady path forward as the cryptocurrency enters a 7th consecutive green day.
• At the time of this writing, BTC trades at around $47,000 but reached as high as $47,650 earlier today (on Binance).
• This is a price point that we hadn’t seen since January 2nd, when Bitcoin was going in the opposite direction.
• With this surge, the cryptocurrency charts an increase of roughly 13.5% in the past seven days.

Chart by TradingView

• It’s also worth noting that the increased market volatility and turmoil led to over $410 million worth of liquidated positions over the past 24 hours.
• Data from Coinglass reveals that the largest single liquidation order took place on Bitmex. It was a BTC perpetual with a face value of a whopping $10 million.
• Somewhat expectedly, almost 80% of the liquidated positions were short.