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Cryptocurrency traders liquidated almost $193 million over the past 24 hours as Bitcoin hit a 20-month high.
According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a> data, traders closed orders worth $74 million for Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) and $29 million for Ether (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>), with several alt-coins also witnessing notable gains.
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 <img loading="lazy" width="958" height="547" src="https://crypto.news/app/uploads/2023/12/Screenshot-2023-12-04-at-09.27.07.png" alt="Traders liquidated $193m in crypto amid Bitcoin's surge - 24">
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 Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>
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On Dec. 4, BTC crossed the $41,000 mark an increase of 5.5% over the past 24 hours. ETH&nbsp;followed as did the other largest alt-coins by market capitalization.
Notably, the price of&nbsp;Dogecoin&nbsp;(<a href="https://crypto.news/price/dogecoin/" rel="noopener noreferrer nofollow">DOGE</a>) was up 6%, Ripple (<a href="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a>) was up 2%, and Solana (<a href="https://crypto.news/price/solana/" rel="noopener noreferrer nofollow">SOL</a>) was up 1.5%. In total, traders liquidated $2.3 million in DOGE, $1.38 million in XRP and $4.6 million in SOL.
The largest number of positions were liquidated on Binance, which saw 38.82% in liquidations. In second place was OKX with a share of 27.04% and in third place was Huobi with a share of 11.39%.
You might also like: <a href="https://crypto.news/standard-chartered-says-blackrock-etf-approval-will-drive-165-btc-price-pump-btcetf-token-surge/" rel="noopener noreferrer nofollow"> Standard Chartered says BlackRock ETF approval will drive 165% BTC price pump, BTCETF Token surge </a>
On Dec. 4, BTC shot above $41,000, reaching a 20-month high. In just the past year, Bitcoin has increased by more than 145%.
<figure class="wp-block-image size-large">
 <img loading="lazy" width="1024" height="489" src="https://crypto.news/app/uploads/2023/12/Screenshot-2023-12-04-at-09.33.38-1024x489.png" alt="Traders liquidated $193m in crypto amid Bitcoin's surge - 25">
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 Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer">CoinMarketCap</a>
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Noticeable changes in the cryptocurrency market are associated with two factors. The first is the hotly anticipated approval of a a spot Bitcoin exchange traded fund, or ETF, which is an open-ended fund with a more dynamic share issuance system allowing institutional investors to enter the market. The second is the situation with U.S. Federal Reserve interest rates, which currently stand at 5.25%-5.5%. When the Federal Reserve raises interest rates, it generally signals a tightening of monetary policy. Higher interest rates can reduce liquidity in the market, making riskier assets like Bitcoin less attractive.
You might also like: <a href="https://crypto.news/mike-novogratz-bitcoin-poised-for-flight-over-ath-on-spot-btc-etf-approval/" rel="noopener noreferrer nofollow"> Mike Novogratz: Bitcoin poised for flight over ATH on spot BTC ETF approval </a>

Traders liquidated $193m in crypto amid Bitcoin’s surge

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Other articles published on Dec 4, 2023

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