Massive Liquidations Hit Crypto Markets, Totaling $238 Million

In the past 24 hours, a staggering $238 million in liquidations have occurred across the crypto markets, including Bitcoin (BTC) and other cryptocurrencies. According to data from CoinGlass, 80,028 traders were liquidated, resulting in the total liquidation amount of $238.94 million.

The largest single liquidation order was executed on the Bitmex exchange, totaling a massive $22.71 million in ETHUSD. This significant liquidation coincides with an industry-wide price rebound triggered by Donald Trump's victory in the 2024 United States presidential elections.

Ethereum Dominates Liquidations

Ethereum, the second-largest cryptocurrency by market capitalization, has been the primary target of liquidations across various time frames. The one-hour chart indicates over $808,430 worth of ETH liquidations on different exchanges. Within a 24-hour period, Ethereum experienced liquidations totaling $61.09 million, with short positions accounting for $47.64 million and long positions for $13.45 million.

Bitcoin, Altcoins See Liquidations

Bitcoin, with a market capitalization of $55.22 million, follows closely behind Ethereum in terms of liquidations. BTC recorded $26.37 million in short-position liquidations and $23.85 million in long-position liquidations.

Various other altcoins, such as Solana (SOL), Dogecoin (DOGE), XRP, and PEPE, faced liquidations totaling up to $23.76 million in the last 24 hours. NEIRO, self-proclaimed successor to Dogecoin, also contributed to the liquidations, accounting for $7 million.

Binance Dominates Liquidation Volume

A significant portion of these liquidations originated from Binance, a prominent cryptocurrency exchange.

Crypto Surge Following Trump's Victory

In response to renewed market momentum, Bitcoin has reached a new all-time high of $76,172.24, marking a 1.42% increase within the last 24 hours. BTC's market capitalization has surpassed $1.51 trillion.

Ethereum continues its upward trajectory, nearing the $3,000 mark after a 16% surge in the past week. According to CoinMarketCap, Ethereum's current market value stands at $2,935.77, a 4.32% increase within the last 24 hours. Market analysts had anticipated Ethereum's post-election performance, aligning with Trump's plan to integrate digital assets into the US financial system.

Factors Influencing Future Price Expectations

Trump's campaign promises, including removing SEC Chairman Gary Gensler, have fueled optimism within the crypto community. The potential easing of SEC regulations could trigger another market boom.

Additional catalysts for a future price surge include adjustments to the Federal Reserve's interest rate cuts. The recent 25-basis-point reduction has already contributed to BTC's ascent. Tech luminary Arthur Hayes believes China's growing debt could further support Bitcoin's rally.