The positive performance of Bitcoin and other major crypto assets in the last 24 hours has led to almost $300 million in liquidations.
Traders in short positions liquidated
However, LUNA was a surprise inclusion with over $40 million in liquidations. LUNA 2 also recorded $9.87 million. ETC saw $8 million, and LUNA Classic liquidations were around $6 million.
The largest single liquidation happened on OKEX BTC-USDT-SWAP, with a value of $3.92M. OKEX, FTX, and Binance recorded more than $200 million of liquidations.
Most of the liquidations resulted from short positions. With the crypto markets picking up, the prices of most cryptocurrencies rose faster than many traders envisioned. But there were also traders with long positions who got liquidated.
LUNA spiked 183% in 24 hours
In the past 24 hours, Bitcoin has increased by 3.2% and now trades for over $21,000 after trading below $19,000 just three days earlier.
Other cryptocurrencies, including Ethereum, ETC, Luna Classic, and Luna itself, have also had similar performances.
LUNA, in particular, saw its value increase by 183% in the last 24 hours and trades at $5.63. However, LUNC is down by almost 15% within the same period, despite maintaining 78% gains in the past seven days.
Overall, the industry’s market cap rose by 1.7% in 24 hours to $1.09 trillion.
Clarity is coming to Crypto regulations
While the rise in the value of cryptocurrencies has already led to multimillion-dollar liquidations, it has also increased optimism among investors.
The positive price performance is likely a result of various macroeconomic factors and the possibility of regulations. Bitcoin performance and that of most crypto assets mirrored the rise in S&P
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