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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.
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