Crypto Liquidations Exceed $340M as Bitcoin Reaches New High

Over $340 million in crypto liquidations occurred within 24 hours after Bitcoin’s price spiked near $100,000.

Data from crypto liquidations platform CoinGlass showed that 113,787 traders liquidated their crypto positions for $340.98 million. BTC accounted for $90.83 million in liquidations, with $62.16 million from short positions as prices defied pessimism.

Notably, Binance accounted for $21.95 million of the total $53.70 million crypto liquidations across various crypto exchanges.

Liquidations Map. | Source: CoinGlass

Bitcoin Approaches $100,000

On Nov. 22, BTC hit a record $99,297.86 after gaining 0.6% in 24 hours. Its market cap also soared to $1.96 trillion, indicating investor interest.

The leading cryptocurrency continues its bullish run, gaining 29.3% and 51.1% in the last fourteen and thirty days, respectively. While this is good news, traders hoping to profit from a declining trend suffered large losses as the coin rose by 10.6% throughout the past week.

Notable price surges also occurred for Ethereum (ETH), Solana (SOL), and XRP. Meanwhile, total liquidations on Ether were $48.11 million, including $19.78 million in shorts and $28.32 million from long positions.

Despite the surge in crypto liquidations, the Crypto Fear & Greed Index showed that investor sentiment soared to 94 (extreme greed), up from 71 (greed) in the past month—however, historical data back BTC’s bullish optimism.

CoinGlass data showed that November is the most bullish month for Bitcoin, with an average gain of 46%.

Anticipated Trump Crypto Policy Increases Market Excitement

Another factor influencing the positive sentiment in the crypto market is Donald Trump’s policy recommendation to establish a Bitcoin strategic reserve for the American financial system. His intentions to lower industry regulatory pressure by replacing SEC Chairman Gary Gensler has also boosted investor confidence.

Meanwhile, on-chain data analytics provider CryptoQuant noted that crypto trading volume on the Binance crypto exchange has dropped by half since the broader crypto market capitalization hit a new all-time high on Nov. 12. This trend implies cautious trading among investors as they evaluate the longevity of previous gains.