$69 million worth of BTC liquidated in the past 24 hours

Following the massive Bitcoin rally that started earlier this week, $69 million worth of BTC has been liquidated in just the past 24 hours. Indeed, this asset has continued to surge since the beginning of March. Specifically, it has surpassed $66,000 for the first time since October 2021.

According to Coingecko, Bitcoin has seen a 6.7% increase in the past 24 hours. Furthermore, this recovery is largely attributed to the impressive performance of Bitcoin ETFs just 8 weeks after their approval in January. Subsequently, many short positions are being liquidated.

$67 million worth of BTC has been liquidated as the asset reaches new all-time highs

As 2024 begins, the digital asset market is filled with optimism. Specifically, the industry sees this year as a great opportunity for Bitcoin to enjoy an unprecedented price surge. Moreover, expectations show that BTC’s performance is a catalyst for positive sentiment in the market, encouraging the activity of various tokens.

Now, Bitcoin is on its way to new all-time highs, while $69 million worth of short BTC positions have been liquidated in just the past 24 hours. Indeed, these positions have been liquidated as the asset surpassed $66,000 and increased by 7% on the last day.

This short liquidation occurs when investors are unable to meet specific margin requirements for their positions. Furthermore, this often happens due to the rapid increase in the value of the mentioned digital asset. Bitcoin’s continuous surge is posing challenges to those betting on this asset starting from 2024.

However, the rally seems to be far from slowing down. Due to the overwhelming enthusiasm of the market’s Bitcoin ETFs, many believe that Bitcoin will soon reach new all-time highs. BTC reached its highest level in November 2021 when it reached $69,000.