Traders lost more than $422 million on bitcoin rise

The largest liquidation order of $10 million was placed on Bitmex, according to Coinglass

28.03.2022 - 11:05

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What’s new? On March 28, the price of bitcoin surpassed $47 600. The cryptocurrency’s rise of more than 8% in the past two days resulted in the liquidation of $422,9 million worth of traders’ positions, according to Coinglass. The largest liquidation order was placed on the Bitmex exchange ($10 million). Around 80% of the liquidations are for short positions.

Link to Coinglass

What preceded it? In January, the cost of bitcoin fell to $32 000 for the first time since July 2021. Last November, the cryptocurrency exchange rate set an all-time high above $69 000. On March 28, the asset is trading at $47 200.

On March 28, crypto trader Peter Brandt found a signal for bitcoin to rise. He published a tweet comparing two bitcoin charts: the current one (February-March 2022) and the one for 2019. In his view, a technical analysis figure called an “ascending triangle” can be seen on the chart, which may indicate a possible rise in the asset in the future.

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