Unwinds Surpass $400 Million as Ethereum Approaches $4,000, Leaving Skeptics Astonished

The cryptocurrency market has seen significant recovery in the last day, with Bitcoin rising to approximately $117,000. Ethereum has seen a 5% daily increase, nearing $4,000. Ripple's XRP jumped 12% to $3.36, and Stellar reached a two-week high of $0.46. This sudden market rise was driven by bullish factors such as Donald Trump's executive order allowing 401(k) investors to access alternative assets like cryptocurrencies, and the resolution of the Ripple v. SEC case.

As a result, over-leveraged traders faced liquidations totaling over $400 million in the last 24 hours, with 80% being short positions. Ethereum trades represented $187 million of this total, followed by Bitcoin ($57 million) and XRP ($28 million). The biggest single liquidation order, involving the ETH/USDT trading pair, was worth $34.28 million.