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Bitcoin soars, leaving behind $500M in trader losses. Biggest loss in 3 months

Winnie Kimeu

Writer, News

Jan 16, 2023 at 04:31

Crypto markets saw a big boost recently, with the total value of all digital currencies reaching an impressive $1 trillion.

A huge wave of “short” bets against crypto were wiped out over the weekend, with a staggering $500 million disappearing. 

Shorts liquidations were at their highest since 2021. (Coinanylze)
Shorts liquidations were at their highest since 2021. (Coinanylze)

This is the most we’ve seen since October 2022.

The losers

Over 70% of crypto traders lost money as exchanges closed their leveraged positions. This is where the biggest losses were seen (according to CoinGlass data): 

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  • OKX traders lost $256 million
  • Binance traders lost $125 million 
  • Huobi traders lost $42 million
Short liquidations in the past 24 hours
Short liquidations in the past 24 hours

The APT token (Aptos) saw a surprising $10 million in liquidations, even as the price of the token doubled in the last week.

The winners

According to CoinmarketCap, major digital currencies have seen an average increase of 20% in the past week. 

  • Bitcoin rose 22% to over $21,000, 
  • Ether climbed almost $1,600
  • Solana skyrocketed 70% – trading at $24 on Monday compared to $9 just a week ago.

The recent surge in cryptocurrency values wasn’t completely without reason, as the technology behind some of the major tokens saw positive developments.

Many of the recent spikes in cryptocurrency values can be attributed to strong activity on the underlying networks. 

Cardano’s ADA token and Solana’s SOL token both saw big boosts thanks to high transaction volumes. 

Additionally, Ethereum’s upcoming upgrade in Shanghai and Polygon’s planned hard fork this week have also helped to drive up their corresponding token prices, with MATIC rising 22% in the past week.

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