01723015257 Bitcoin dominance rises after one of the most severe blows the crypto market has recently faced due to the liquidation of leveraged positions exceeding one billion dollars, while BTC is now trading around $104,957, reflecting a slight decrease of 0.17% yesterday, as traders reassess their risk appetite.

According to data from Coinglass, over 247,000 traders were liquidated within 24 hours, with the most notable of these liquidations being speculative positions on the rise of Bitcoin valued at $200 million on the Binance platform, marking the largest liquidation event of this year. In this event, Binance and Bybit emerged as the biggest losers, together accounting for $834 million of the liquidated positions.

Thus, speculation on price increases constituted the overwhelming majority of these liquidations due to traders over-leveraging based on bullish momentum supported by Circle's IPO and renewed interest in Decentralized Finance (DeFi) protocols in the United States.