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Bitcoin’s (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>) rally toward $30,000 led to more than $70 million in liquidations for short traders in the last 24 hours, according to Coinglass data.
The overall crypto market saw roughly $145 million in liquidation during the period, mostly from traders who held short positions against BTC and other cryptocurrencies.
<figure id="attachment_320762" aria-describedby="caption-attachment-320762" style="width: 1585px" class="wp-caption aligncenter"><img class="size-full wp-image-320762" src="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-26-151517.jpg" alt="Bitcoin liquidation" width="1585" height="205" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-26-151517.jpg 1585w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-26-151517-300x39.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-26-151517-1024x132.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-26-151517-768x99.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-26-151517-1536x199.jpg 1536w" sizes="(max-width: 1585px) 100vw, 1585px" /><figcaption id="caption-attachment-320762" class="wp-caption-text">Source: Coinglass</figcaption></figure>
According to <a href="https://www.coinglass.com/LiquidationData">Coinglass</a>, 37,332 traders were liquidated — with the most significant liquidation being a $2.2 million BTC-USD short position on ByBit.
Other liquidated assets include Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) and Arbitrum (<a href="https://cryptoslate.com/coins/arbitrum/">ARB</a>) — with $29.71 million and $4.11 million, respectively. Others like Polygon (<a href="https://cryptoslate.com/coins/polygon/">MATIC</a>) saw $2.31 million in liquidation, while Litecoin (<a href="https://cryptoslate.com/coins/litecoin/">LTC</a>) recorded $2.27 million.
Most of the liquidations occurred on Huobi, Binance, and ByBit. The three exchanges accounted for 73% of the overall liquidations — of which 83% were short positions.
<h2 id="bitcoin-eyes-30k">Bitcoin eyes $30k</h2>
Bitcoin rose by 8.44% in the last 24 hours to trade at $29,614 at the time of writing, according to CryptoSlate&#8217;s data.
Fears of another U.S. banking crisis are fueling the new Bitcoin rally. CryptoSlate Insight <a href="https://cryptoslate.com/insights/first-republic-bank-stock-halted-amidst-stock-plunge-is-this-bitcoin-fault-as-well/">reported</a> that First Republic Bank shares plunged by more than 29% after news emerged that its deposits fell 40% in 22 days.
Meanwhile, the U.S. government appears unwilling to intervene in the First Republic rescue process as it did with Silicon Valley Bank and Signature Bank in March. The government <a href="https://cryptoslate.com/regulators-take-control-of-signature-bank/">took over those banks</a> at the time to prevent further contagion to the broader economy.
Since this banking crisis began, BTC has rallied by more than 35%, according to CryptoSlate&#8217;s data.
Sentiments in the market have been mainly positive. Matrixport chief researcher Markus Thielen said Bitcoin price might reach around $45,000 by the end of this year. Thielen <a href="https://twitter.com/DeFiOnTarget/status/1651098246704685056?s=20">said</a>:
<blockquote>&#8220;As the US 10 year bond yield has started to trade below 3.5%, we can assume that inflation will be a big tailwind for risk assets – notably Bitcoin.&#8221;</blockquote>
The post <a rel="nofollow" href="https://cryptoslate.com/bitcoin-makes-play-for-30k-leading-to-145m-liquidations/">Bitcoin makes play for $30k, leading to $145M liquidations</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin makes play for $30k, leading to $145M liquidations

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