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The valuation of bitcoin (BTC) tapped the $68,000 mark merely 17 hours following its dip to $60,760 per unit. Following the latest Federal Open Market Committee (FOMC) session, the entire crypto market has seen a 5.9% upturn, with bitcoin rising 6.8% versus the U.S. dollar.
Crypto Market Liquidations Reach $444 Million as Long and Short Positions Face Shakeup
Post a significant downturn on Tuesday and the FOMC convening, which concluded with the U.S. Federal Reserve upholding the existing benchmark interest rate, BTC experienced a notable increase from the $65,500 range to $68,058 per coin by 6:15 p.m. Eastern Time (ET) on Wednesday.
Currently, the crypto market is bustling with a trading volume of $207 billion, with BTC trades contributing $72.93 billion to this figure. BTC now hovers slightly beneath the $68,000 benchmark, trading at $67,432 per unit at 6:55 p.m. ET. Currently, as of Wednesday, the dominant trading pairs for BTC include USDT, followed closely by FDUSD and the U.S. dollar.
Not far behind, Circle’s USDC ranks as the fourth most traded pair with bitcoin, while the Korean won claims the fifth spot, accounting for 3.36% of the day’s global transactions. Leading the charge in spot bitcoin exchanges by volume are Binance, Coinbase, Bybit, Okx, and Upbit.
While the global weighted average price of BTC stands at $67,631 per unit, on South Korean crypto trading platforms Upbit and Bithumb, BTC is being exchanged at a premium, fetching $74,993 per coin. On Wednesday, derivatives exchanges witnessed a notable number of short sellers facing setbacks, with $151.69 million in BTC short positions liquidated.
At the same time, over $128 million in ETH long positions were also eliminated from leveraged trades. In total, a significant $444.66 million was liquidated throughout the day within the crypto market, including $241.03 million in long positions and $203.63 million in short positions across leading derivatives exchanges, experiencing a major shakeup. By 8:11 p.m. on Wednesday evening, BTC was back up to the $67,877 range.
Current metrics from intotheblock.com reveal that 96% of holders are currently seeing profits. Over the past week, there has been an inflow of $19.79 billion and an outflow of $20 billion on exchanges. Additionally, this week has witnessed BTC transactions exceeding $100,000 amounting to $170 billion.
What do you think about bitcoin bouncing back after the recent downturn? Share your thoughts and opinions about this subject in the comments section below.