Over 70,000 “bears” are liquidated for $270 million as Bitcoin shoots 10%


After Bitcoin (BTC)’s worst start to the year since the crypto winter of 2018, the flagship digital currency is showing signs of revival.

Notably, the main price of digital assets rose from $33,000 at the end of January to over $41,000 as of February 5, as some analysts predicted that certain market indicators showed signs of an upward reversal, with historical data also predicting a return greater than $40,000. .

The previous 24 hours resulted in the liquidation of 72,700 traders from the market, which means a total liquidation of $270.8 million across all cryptocurrencies according to real-time liquidations of all exchanges and currencies on Coinglass.

More than 270 million dollars are liquidated. Source: Coinglass

In particular, the highest number of liquidations occurred with BTC at $106.36 million, while Ethereum was second with $69.98 million in total liquidations.

Bitcoin surges above $41,000

Currently, Bitcoin is trading at $41,432, up 9.17% in the last 24 hours and 9.53% in the previous seven days.

1-day BTC price chart. Source: CoinMarketCap

With the price of Bitcoin crossing the $40,000 threshold, it has moved beyond the stagnant state it had been trading in for the past few weeks. Additionally, since its more than six-month low in late January, BTC has gained more than 25%.

Due to the growing market sentiment around Bitcoin, it was the most frequently mentioned cryptocurrency on Twitter this week, with 3,134,852 million mentions.

Nonetheless, despite improving sentiment, prominent cryptocurrency trading analyst Michael van de Poppe warned traders of a bear trap, noting the number of shorts cleared ahead of the weekend and as well as the number of individuals yearning for a breakout of the Bitcoin downtrend.

The global crypto market

The total market capitalization of all cryptocurrencies is $1.9 trillion, which represents a gain of 7.76% from the previous day, according to statistics from CoinMarketCap.

1 day market capitalization of the crypto market. Source: CoinMarketCap

The overall cryptocurrency market volume in the last 24 hours increased by 36.30% to $94.86 billion.

Meanwhile, the total volume of DeFi is $13.28 billion, which is 14.00% of the 24-hour volume in the cryptocurrency market, while the total volume of all stablecoins is currently $77.86 billion, an increase of 82.08%.

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