Data shows a large amount of Bitcoin short positions have been liquidated following the cryptocurrency\u2019s surge to the $79,000 level.<\/p>\n
Bitcoin has seen a continuation<\/a> of its recent bullish momentum during the past day as its price has hit the $79,300 level after a jump of nearly 5%. The below chart shows how the recent trajectory of the cryptocurrency has looked.<\/p>\n Bitcoin also made an attempt at recovery last week, but that push ended up fizzling out as the asset approached the $78,000 level. This new surge has taken the cryptocurrency beyond this mark, to levels not seen since the first few days of February.<\/p>\n Since the rally has been sharp, it has unleashed a wave of chaos over on the derivatives side of the sector.<\/p>\n According to data from CoinGlass<\/a>, Bitcoin has seen a notable amount of liquidations following the volatility of the last 24 hours. \u201cLiquidation<\/a>\u201d here refers to the forceful closure that any open contract undergoes after it has amassed losses of a certain degree.<\/p>\n Below is a heatmap that shows how daily liquidations have compared between the various assets in the sector.<\/p>\n It would appear that Bitcoin has been the number one contributor of liquidations in the market like usual, with more than $222 million in positions related to the asset getting flushed during the past day. About $205 million of these positions were short ones, meaning that bearish bets made up for an extreme majority of the liquidations.<\/p>\n Shorts being the most heavily affected side is naturally down to the fact that the cryptocurrency has seen a sharp surge inside this window. Ethereum, which has seen the second-largest derivatives flush, also saw the shorts make up for $99 million of its $115 million in total liquidations.<\/p>\n In total, the digital asset sector as a whole has witnessed nearly $449 million in liquidations over the last 24 hours.<\/p>\n From the table, it\u2019s apparent that $365 million or over 80% of these liquidations involved short positions, reinforcing the bullish wave that the sector as a whole has seen in this period.<\/p>\nA Large Amount Of BTC Liquidations Have Piled Up On Exchanges<\/h2>\n