Bitcoin Skyrockets Toward $20K Leaving $100M in Daily Liquidations

Following days of inactivity, Bitcoin was struck by another wave of upward volatility on Tuesday. After nearly reaching $20,000, the asset left $100 million in liquidations in its wake. 

• Bitcoin’s price sat at roughly $19,270 at 12:40 UTC on Tuesday, before rapidly climbing upwards over the next few hours. 
• The coin touched $19,500 about an hour later, experiencing another hour of flat trading before climbing again to $19,834 by 16:00 UTC. The price is now $19,792, at writing time. 
• Data from Coinglass shows that $50 million in crypto trades have been liquidated over the past hour alone, with $112 million being squeezed over the past day. 
• The largest single liquidation took place on Binance for a BTC/USDT trade, with a value of $1.01 million. 
• However, the vast majority of liquidations in the past hour – $42.93 million – have come from the Ethereum camp. The second largest crypto also climbed from roughly $1,350 to over $1,400  on Monday, in tandem with Bitcoin. 
• Big price moves have been rare in crypto for the past several weeks, with Bitcoin now showing volatility comparable to the British pound.