Bitcoin

<h2 id="quick-take">Quick Take</h2>
The recent surge in Bitcoin’s price has triggered a remarkable volume of<a href="https://cryptoslate.com/insights/bitcoins-climb-past-35000-triggered-over-221-million-in-liquidations/" rel="noopener noreferrer nofollow"> liquidations</a>. On Oct. 23, Bitcoin-specific liquidations amounted to $160 million, contributing to $190 million in liquidations that day. This trend persisted into Oct. 24, with short liquidations totaling $70 million and long liquidations totaling $50 million. Comprehensively, the liquidations for these two days amounted to an impressive $310 million.
<figure id="attachment_367912" aria-describedby="caption-attachment-367912" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-367912 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/ll-1.png" alt="BTC Liquidations: (Source: Coinglass)" width="1170" height="317" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/ll-1.png 1170w, https://cryptoslate.com/wp-content/uploads/2023/10/ll-1-300x81.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/ll-1-1024x277.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/ll-1-768x208.png 768w" sizes="(max-width: 1170px) 100vw, 1170px">
 <figcaption id="caption-attachment-367912" class="wp-caption-text">
 BTC Liquidations: (Source: Coinglass)
 </figcaption>
</figure>
This event registers as one of the most significant liquidations for the year. In comparison, other notable occurrences include the instance in January when Bitcoin’s price escalated from $16,000 to $20,000 and the period following the SVB collapse in March, where Bitcoin’s rebound from $20,000 to $27,000 instigated a substantial number of liquidations.
With these recent short liquidations, it’s pertinent to note that the largest long liquidation event occurred in August. This was when we witnessed long liquidations exceeding $210 million, coinciding with the price drop from $30,000 to $25,000.
<figure id="attachment_367915" aria-describedby="caption-attachment-367915" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-367915 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/SL.png" alt="Total Liquidations: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/SL.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/SL-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/SL-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/SL-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/SL-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-367915" class="wp-caption-text">
 Total Liquidations: (Source: Glassnode)
 </figcaption>
</figure>
The data signifies a direct correlation between sharp price movements in Bitcoin and the volume of liquidations.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/bitcoin-liquidations-total-310-million-in-the-past-two-days/">Bitcoin liquidations total $310 million in the past two days</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin liquidations total $310 million in the past two days

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