The cryptocurrency market went through massively volatile 48 hours in the context of the recent geopolitical events.
As CryptoPotato reported yesterday, the bitcoin price dropped towards $35K in a vicious 10% red candle in response to Russia’s decision to invade Ukraine after Putin’s call for a military operation. Today, however, things are different.
- The broader cryptocurrency market is painted in green as major coins chart double-digit gains and recovery from yesterday’s bloodbath.
- In less than 24 hours, BTC is up over 10%, trading above $39,000 and eyeing the major psychological level of $40K. We have yet to see if the current bullish momentum will take it there.
- The rest of the market is also painted green. Ethereum is up 11%, BNB – 8.5%, XRP – 10.6%, SOL – 9.2%, and so forth.
- One thing that needs to be noted, though, is that the past 24 hours saw a massive amount of short positions being liquidated.
- According to data from Coinglass, the past day saw $400 million liquidated, and 67% of them were short positions.
- FTX is the only exchange where there were more long liquidations.
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