Over $300M Liquidated as Bitcoin Price Saw its Highest Daily Increase Since February 2021

The enhanced price fluctuations in the entire crypto market resulted in over $300 million worth of liquidations. Bitcoin’s 15% price surge, for one, became its largest one in over a year.

The “special military operation” launched by Russian President Vladimir Putin against its western neighbor caused massive disruptions in financial markets last week.
Bitcoin, being a highly volatile and free-market asset, dumped by about $5,000 in a day to a monthly low of just over $34,000.
However, the cryptocurrency recovered just as rapidly on the following day as no other country wanted to be directly involved in the ongoing war between the two former Soviet states.
This led to a period of consolidation for BTC as the asset remained around $38,000 for a few days. Yesterday, though, the situation changed.
BTC went on a tear from its aforementioned level, broke above $40,000, and kept climbing to a 12-day high at just over $44,000.
By surging by more than 15% in a day, bitcoin recorded its most significant daily price increase since February 2021, when it pumped by almost 20%.
Most altcoins have produced even more substantial gains, leading to a large number of liquidations. According to data from Coinglass, more than 60,000 traders were wrecked in the past day, and the total liquidations are over $300 million.
The single largest liquidation order (worth over $11 million) happened on Binance and actually involved THETA, which is up by more than 20% in a day.
BTCUSD. Source: TradingView

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