Bitcoin Soars, But Crypto Market Sees $1.1 Billion Wiped Out in Liquidations
In a dramatic turn of events, the crypto market experienced a staggering US$1.1 billion (around AU$1.63 billion) in liquidations over the past 24 hours — despite Bitcoin (BTC) skyrocketing to a new all-time high of US$117,000.
The surge in BTC price, which occurred on Friday (11 July), caught a significant number of traders off guard. A total of 232,496 traders were liquidated during this 24-hour window, primarily those who had bet against the market.
Short positions bore the brunt of the pain, accounting for a whopping US$1 billion of the total liquidations. This means that most traders were expecting the price of Bitcoin to drop — and ended up being forced out of their trades as BTC instead shot up rapidly. In contrast, long positions only made up US$119 million in liquidations, highlighting the market’s unexpected bullish breakout.
Bitcoin itself led the liquidation chart with US$589 million in losses, followed by Ethereum (ETH), which saw US$245 million in liquidated positions. Other altcoins collectively contributed an additional US$74 million to the total.
One of the most eye-catching figures came from crypto exchange HTX, which recorded the largest single liquidation order valued at US$88 million. The sheer scale of this single event underscores the heightened risks associated with leveraged trading — especially during periods of high market volatility.
Market analysts believe this wave of liquidations is a stark reminder of the dangers of over-leveraging in crypto markets. While price surges like Bitcoin’s recent run can signal strong bullish sentiment, they also create a risky environment for traders speculating in the opposite direction.
“This is a textbook example of how the crypto market can flip the script in an instant,” said one Sydney-based blockchain analyst. “When retail and institutional investors start piling into leveraged short positions thinking the price will correct, any unexpected move to the upside becomes a liquidation trap.”
As BTC stabilises above the US$110,000 mark, all eyes are now on whether this upward momentum will hold — or if we’re in for yet another volatile correction. One thing’s certain: crypto trading remains not for the faint-hearted.
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