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

The asset is challenging its $20,000 resistance for the first time in weeks. 

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. 

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