Liquidations on the Rise as Bitcoin (BTC) Pumps and Dumps on Sunday

Following a relatively boring Friday and Saturday, bitcoin’s price went on the offensive on Sunday evening and shot up to its highest level since the end of January at $106,000. However, the bears were quick to step up at this point, and the asset plunged by two grand in an instant. BTCUSD. Source: TradingView Recall our Market Watch from this morning, which informed that BTC had returned to familiar ground at around $104,000 after a brief dip below $103,000, which allowed an anonymous whale to open a massive long position worth nearly $400 million on Hyperliquid. Live data from CoinGlass indicates that the large market participant has closed a portion of his position, which is now worth a more modest $337 million. This transpired in the past few hours, during which BTC’s price quickly pumped from $104,000 to a multi-month peak at $106,000, where it faced a violent rejection and was pushed south to its starting point within minutes. The total value of wrecked positions has risen to almost $280 million on a daily scale, with the majority of that taking place in the past 12 hours. BTC short positions actually have the second-biggest share of the pie, as ETH longs dominate with over $80 million. Liquidation Heat Map. Source: CoinGlass More than 90,00 traders have been wrecked in the past day, while the single-largest liquidated position took place on HTX, involved the ETH/USDT pair, and was worth $8.21 million, says CoinGlass. The post Liquidations on the Rise as Bitcoin (BTC) Pumps and Dumps on Sunday appeared first on CryptoPotato .

Source: Crypto Potato