After a rough start to the week, Tuesday brought a modest rebound across the crypto market, with nearly every single token in the top 100 coins by market cap seeing gains over the prior day. But the upward bump has triggered over $92 million in liquidations in the past 24 hours—$62 million in short positions, according to CoinGlass data.
The price of Bitcoin is trading up 2.7% at $61,746 and the price of Ethereum up is 1.8% at $3,394 over the past 24 hours, as of writing, with top performers over the past day including meme coins Pepe and Dogwifhat, up 14.2 and 13%, respectively, as well as gaming-centric token Notcoin, up 9.5%.
Good news for the overall market, however, is bad news for investors taking short positions. In the past 24 hours, the data shows, 33,296 traders were liquidated. Even optimistic traders saw some turbulence, however, with about $30.6 million long positions also rekt in the past day.
A position is liquidated when the value of a trader’s bet on an asset’s price going up or down exceeds preset margins, usually based on collateral.
The world’s top crypto had been trending down over each of the past two weeks, and dipped as low as $59,780 yesterday, according to Crypto exchange Coinbase.
A number of factors have brought downward pressure on Bitcoin—from a sell-off of seized BTC by Germany to anticipated movements of long-frozen Bitcoin held by failed crypto exchange Mt. Gox. Some analysts, however, are debating whether the price of BTC has bottomed out.
