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<p class="is-style-lead">Bitcoin and Ethereum led cryptocurrencies in liquidations as over 54,000 traders saw leveraged positions wiped out, and the total market cap neared $2.1 trillion.&nbsp;</p> 
<p>CoinGlass reported that over $145 million was liquidated from the crypto market in 24 hours across exchanges. As most traders anticipated lower prices, $91 million of these trades were registered as short positions.&nbsp;</p> 
<p>However, the total cryptocurrency market cap rose 1.2% per CoinGecko and liquidated the downside bets. A $4 million Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) position in a USDT pairing made the single largest liquidation order. The trade was on Binance, crypto’s biggest exchange.</p> 
<p>Traders also lost at least $70 million combined between BTC and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) across long and short punts.&nbsp;</p> 
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  Top 10 liquidated cryptocurrencies on Feb. 19 | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener">CoinGlass</a>
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<p> You might also like: <a href="https://crypto.news/bitcoin-record-inflows-digital-asset-investment/"> Bitcoin drives record $2.4b weekly digital asset investment inflows </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-ethereum-move-up">Bitcoin, Ethereum move up</h2> 
<p>BTC and ETH, the top cryptocurrencies by market cap, have seen price uptrends in the past week. The tokens have gained 3% and 11% in the last seven days amid bullish market sentiment.&nbsp;</p> 
<p><a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin ETF</a> approvals by the U.S. SEC on Jan. 10 seem to be a main driving force in Bitcoin’s rally as it prices in at $51,800 and holds a market cap of over $1 trillion, making BTC the 10th largest asset in the world. There is also anticipation surrounding the Bitcoin halving, which is expected in April.&nbsp;</p> 
<p>Some believe the halving, which slashes new block rewards in half, and BTC acquisitions for spot Bitcoin ETFs will trigger a supply crunch while demand increases. The leading <a href="https://x.com/intotheblock/status/1758537699907010652?s=20" target="_blank">hypothesis </a>suggests this will cause a parabolic run for crypto’s largest asset.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The Bitcoin halving is set to happen in April 2024. Here's what to expect👇<br>First, let's reflect on the Previous Halving:<br>➖ In 2020, after the last halving, the block reward dropped to 6.25 BTC<br>➖ Bitcoin's hash rate dropped by 30% within two weeks.<br>➖ Bitcoin's miner difficulty… <a href="https://t.co/6hIsjAVPKK" target="_blank">pic.twitter.com/6hIsjAVPKK</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1758537699907010652?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 16, 2024</a>
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<p>Ethereum’s current momentum revolves around a technological upgrade dubbed <a href="https://crypto.news/ethereum-2-0-staking-hits-60-day-peak-will-dencun-upgrade-drive-eth-price-up/" target="_blank" rel="noreferrer noopener">Dencun</a>. Developers have said the modifications will introduce expanded data availability for layer-2 rollups through a blob feature. This will allow L2s to add more data to each block, thus reducing transaction costs and bolstering scalability.&nbsp;</p> 
<p>Dencun is <a href="https://crypto.news/ethereum-schedules-dencun-upgrade-for-network-efficiency-layer-2-support/">slated</a> to ship to Ethereum’s mainnet around mid-March following successful testing on three testnets: Goerli, Sepolia, and Holesky.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/ethereum-dencun-price-crypto/"> Ethereum’s impending Dencun upgrade could power rally to $3,500 </a> </p>

Bitcoin, Ethereum lead crypto in $145m liquidation day

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