Reserve Dollar

Cryptocurrency

Reserve

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" 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.<figure class="wp-block-image size-full"><img 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" class="wp-image-14222926"><figcaption class="wp-element-caption"> Source: <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">Coinglass</a></figcaption></figure>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 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" class="wp-image-14222927"><figcaption class="wp-element-caption"> Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a></figcaption></figure>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

crypto.news

Other articles published on Dec 4, 2023

US Space Force Engineer Advocates for Bitcoin Use in National Cyber Security

Nettexx: A Definitive Business-Centric Cryptocurrency Platform

Bitcoin Tops $40K, Can This Week’s Economic Events Push it Higher?

Spotting the Next Big Crypto Investment as Solana and XRP Momentum Slows

BC.GAME Honored with the “Best Casino Operator 2023” Award from SiGMA

BTC is Up 19% Over 30 Days, How Far Can It Go in 2024?

Join our free newsletter for daily crypto updates!