Bitcoin Sees $148M Liquidations As Price Crosses $23,000

Bitcoin BTC/USD traders saw high-value liquidations, in excess of $148 million on Tuesday.

What Happened: According to data from Benzinga Pro, BTC rallied from an intra-day low of $21,683 to a high of $23,666, gaining 10% over the last 24 hours. 

Both long and short traders bore nearly equal amounts of pain, with $70 million BTC longs and $77 million shorts liquidated.

Ethereum ETH/USD saw $68.6 million worth of liquidations over the last day as its price rallied past $1,600. Altcoins like Ethereum Classic ETC/USD, Solana SOL/USD, and Polygon MATIC/USD saw comparatively moderate liquidations of $9 million, $6 million, and $4.3 million, respectively.

At the time of writing, more than 70,000 cryptocurrency traders had liquidated for a total of $284 million over the last 24 hours.

Price Action: BTC was trading at $23,125 at press time, still up 4% over the last 24 hours.

Illustration by nuttapon averuttaman on Shutterstock