Bitcoin’s jump above $21,000 triggered more than $500 million in crypto liquidation — the highest in 3 months

Bitcoin's jump above $21,000 triggered more than $500 million in crypto liquidation — the highest in 3 months

Capitalization of cryptocurrency markets has again reached the $1 trillion mark for the first time since November due to a record number of liquidations in shorts.

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Nearly $500 million has been liquidated since Friday, the highest level since October 2022, according to Coinalyze. This figure means that more than 70% of traders recorded losses – exchanges closed out their leveraged positions due to a partial or complete loss of the trader’s initial margin.

Short liquidation was the highest since 2021.  (Coinanylze)
Recorded highest short liquidation since 2021. (Coinanylze)

Crypto exchange OKX saw $256 million in short positions liquidated on Friday alone, the most of any crypto exchange, followed by $125 million on Binance and $42 million on Huobi, CoinGlass data shows.

According to CoinGecko, major cryptocurrencies rose an average of 20% last week. Bitcoin jumped 22% to more than $21,000, ether rose to nearly $1,600, while Solana was up nearly 70% (trading at $24 on Monday, compared to $9 in the last week of December).

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Bitcoin's jump above $21,000 triggered the liquidation of more than $500 million in the cryptocurrency, the highest figure in the last 3 months

The rise in cryptocurrencies came amid expectations that U.S. inflation would ease, with short-term inflation expectations falling to a two-year low in early January and a separate report showing the consumer price index rose 6.5% over 12 months (less than the jump ) by 7.1% in November and significantly below the peak level (9.1% in June); as well as the news that the lawyers of the bankrupt crypto exchange FTX have found billions of dollars in assets.

In general, analysts offer very different predictions for Bitcoin in 2023: some say that the coin will almost quadruple its previous record and reach the $250,000 mark, while others say that the flagship cryptocurrency will fall to $5,000, which will be its lowest price.

How much will bitcoin be worth in 2023? Analysts predict a rise to a fantastic $250,000 or a sharp drop to $5,000

Source: Coindesk

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