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Over Billion Dollars Liquidated as the Bitcoin Reaches a 6-Week High




Hours ago the world’s premier cryptocurrency Bitcoin reached $20.7k, highest level since September 13, that is about 6-Weeks ago.

Consequently, short-term traders pulled their money, as over a billion dollars have been liquidated in the past 24-hours. Among $1.13 billion of total liquidation, the biggest chunk belonged to Bitcoin. Over $550 million worth of Bitcoin has been liquidated from the market.

After Bitcoin, the largest liquidations are suffered by ETH and ADA. While  the ETH lost over $478 million, the ADAlost $17 million. According to Coinglass, in the past 24 hours , 157,466 traders were liquidated ,the total liquidations coming in at $1.13 billion.

Besides hitting a 6-week high, Bitcoin during the 24-hours period crossed $20k for the first time since October 7th. Further, in the past 30-days the premier cryptocurrency has gained value by 10%. While the 10% gain apparently does not sound bad, it is rather deceptive. As in the meantime, Bitcoin has remained fairly stagnant, going through a change of mere 2.5k.

Moreover, the recent increase in Bitcoin’s price is seen by many as a potential indicator of an incoming bull cycle. After the ongoing upwards move Bitcoin is projected to eventually hit the bottom. According to a crypto analyst, pseudonymously named ‘Il Capo of Crypto’, Bitcoin’s will be around $14k as he flags $21k and $14k as key levels in his recent tweet. He stated that Bitcoin will jerk above $21k in the ongoing week as the period between 27th October and 2nd November remains pivotal.

Lastly, currently trading at $20.6k Bitcoin is up 7% in the day and 7.6% over the week. With 7.3% increase in the past 24-hours crypto’s global market stands at $997.16 billion.

Arthur Webb: passionate about how technology can empower people to create a more just and sustainable world.

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