Bitcoin Soars, Liquidations in the Crypto Market Reach IDR 18.3 Trillion
The crypto market recorded liquidations of USD 1.1 billion or around IDR 18.3 trillion in the last 24 hours. Of the total liquidations, short positions dominated with a value of USD 1 billion. This occurred as Bitcoin (BTC) experienced a surge, reaching a new all-time high of USD 117,000 on Friday (11/07).
Furthermore, more than 232,496 traders were liquidated due to extreme volatility in the crypto market in the last 24 hours.
Meanwhile, long positions were recorded at only USD 119 million. This indicates that the rise in Bitcoin's price significantly impacted the majority of traders who predicted a price decline.
Bitcoin (BTC) became the asset with the highest liquidation value, recording a loss of USD 589 million, followed by Ethereum (ETH) at USD 245 million. Additionally, various other altcoins collectively recorded liquidations worth USD 74 million.
On the other hand, the largest single liquidation was recorded on the HTX platform, with one position liquidated at USD 88 million. This data reaffirms the high risks associated with leveraged trading amid extreme price movements that are unpredictable.
*Disclaimer Alert. Not Financial Advice (NFA). Do Your Own Research (DYOR).*