BITCOIN: Explosive move liquidates $200 million position
Updated
Bitcoin's price increased by 13% this week.
The price of Ethereum followed BTC's lead and increased 11% in one week.
This unexpected move caught roughly $200 million in trades off guard.
Following the release of the US inflation figure on February 14, Bitcoin (BTC) and Ethereum (ETH) saw a massive increase in interest. Hotter-than-expected expectations were dashed, indicating that disinflation is the dominant story. It was a catalyst that sparked this explosive rally, when combined with the Federal Reserve's dovish stance at the February policy meeting.
Even during Bitcoin's brief correction in the first week of February, altcoins were dominating this 2023 rally. There was a lot of money riding the altcoin wave, as evidenced by the performance of certain coins, which more than tripled in just a few days.
Looking at the overall market, it appears that $200 million in positions were lost in the last 24 hours. According to February 15 liquidation data, $154 million in shorts and $14 million in longs were caught off guard.
The price of Ethereum followed BTC's lead and increased 11% in one week.
This unexpected move caught roughly $200 million in trades off guard.
Following the release of the US inflation figure on February 14, Bitcoin (BTC) and Ethereum (ETH) saw a massive increase in interest. Hotter-than-expected expectations were dashed, indicating that disinflation is the dominant story. It was a catalyst that sparked this explosive rally, when combined with the Federal Reserve's dovish stance at the February policy meeting.
Even during Bitcoin's brief correction in the first week of February, altcoins were dominating this 2023 rally. There was a lot of money riding the altcoin wave, as evidenced by the performance of certain coins, which more than tripled in just a few days.
Looking at the overall market, it appears that $200 million in positions were lost in the last 24 hours. According to February 15 liquidation data, $154 million in shorts and $14 million in longs were caught off guard.
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