Crypto Liquidations Spike: Bitcoin, Ethereum, Dogecoin Traders Hit

Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), three of the biggest cryptocurrencies in the digital asset space, saw significant liquidations in the past 24 hours despite price increases.

Coinglass data shows that Bitcoin saw $84.35 million in liquidations, while ETH traders lost $19.81 million. Dogecoin investors lost $12.62 million. Other cryptocurrencies, including Sui Network (SUI), saw a total of $11.94 million liquidated.

A total of $7.69 million in shorts were liquidated from crypto exchanges with $3.69 million being wiped off from the world’s largest crypto exchange by trading volume, Binance. Over $9.56 million worth of longs were liquidated with Binance and OKX contributing $4.64 million and $3.23 million, respectively.

It is important to note that over $2.5 billion in longs could be liquidated if Bitcoin falls below $70,000. If it drops below $69,000, over $3 billion in longs could be wiped out. If BTC breaks above $75,000, over $1.6 billion in shorts could be liquidated.

BTC, ETH, and DOGE Prices Surge

Bitcoin successfully broke above the $72,000 price level in the past 24 hours and is up 2.19%, trading at $72,406 at the time of writing. Further, the leading digital asset is up a whopping 7.90% in the last seven days and 12.27% in the past month. The cryptocurrency has achieved a massive market cap of $1.43 trillion and is just 1.88% from its all-time high, as per CoinMarketCap data.

Read also: Shiba Inu Burn Rate Soars 108%, But Whale Activity Declines

On the other hand, ETH rose 1.02% to $2,642.94 and is still 45.99% off from its all-time high of $4,891.70. In the past week, ETH surged only 1.14%, being outperformed by other assets in the market, including Dogecoin (DOGE), the largest meme coin with a market cap of $25.8 billion. DOGE is trading at $0.176, up 7.47% in the past 24 hours and is down 76.11% from its all-time high of $0.7376.