Liquidations worth hundreds of millions of dollars are hitting the cryptocurrency market as Bitcoin (BTC) hits the $64,000 level for the first time since late 2021.
According to new data from market intelligence platform Coinglass, traders have liquidated more than $638 million in the past 24 hours, with the vast majority of it being short positions.
The flagship digital asset itself saw a staggering loss of $185.62 worth of derivatives contracts at the time of writing, while other assets such as leading smart contract platform Ethereum (ETH) and dog-themed meme asset Dogecoin (DOGE) saw losses of $77.53 million and $31.62 million, respectively.
Other notable crypto assets that saw significant liquidations over the past day include ETH rival Solana (SOL) ($10.17 million) and meme coin Pepe (PEPE) ($11.91 million worth of contracts lost).
According to the data, most of the liquidations occurred on four different centralized cryptocurrency trading platforms, including Binance, OKX, Huobi, and Bybit.
In a new thread, Bitwise Invest CEO Hunter Horsley said: tell The 31,300 followers of social media platform X said Bitcoin's surge appears to be chipping away at gold's total addressable market (TAM), the biggest potential return from any financial product.
“Bitcoin will eat into gold's TAM faster than people expect. Bitcoin may hit $250,000 sooner than most people who have been following the space for years imagine.”
Why? For 15 years, Bitcoin has proven its merits, but it has only been available to a select few. The Bitcoin ETF was Bitcoin's IPO (initial public offering) moment. Now it is available to any investor with the click of a button.
The market has grown tenfold.”
Today, well-known crypto analyst Don Alt said that BTC’s big move marks Bitcoin’s “last stand” before it reaches a new all-time high, adding that he will remain bullish on the crypto king until a sharp reversal occurs.
At the time of writing, Bitcoin was trading at $63,235, up 8.2% in the past 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies and digital assets. Transfers and transactions are at your own risk and you are responsible for any losses incurred. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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