Increased price volatility across the entire crypto market resulted in liquidations of over $300 million. Bitcoin price surged 15%, becoming its biggest increase in over a year.
- A “special military operation” launched by Russian President Vladimir Putin against his western neighbor caused massive disruption in financial markets last week.
- Bitcoin, being a highly volatile and free-market asset, dropped nearly $5,000 in a single day to exceed monthly lows of $34,000.
- However, the cryptocurrency recovered as quickly as the next day as no other country wanted to directly engage in the ongoing war between the two former Soviet states.
- This extended the period of consolidation for BTC as the asset stood at around $38,000 for a few days. Yesterday, however, the situation changed.
- BTC broke above its above level, broke above $40,000 and continued to climb higher than the 12-day high above $44,000.
- With a gain of more than 15% in one day, bitcoin recorded its most significant daily price increase since February 2021, when it gained nearly 20%.
- Most of the altcoins have made even more gains, leading to a large number of liquidations. According to data from Coingglass, more than 60,000 traders were liquidated in the past day, with the total liquidation exceeding $300 million.
- The largest single liquidation order (worth over $11 million) occurred on Binance and actually involved Theta, rising by over 20% in a single day.
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