The crypto market experienced significant liquidations, totaling around $599 million, or around ₱33.8 billion, in the past 24 hours.
- $BTC topped the list with $3.35 million in liquidations, followed by $ETH at $1.2 million.
- Among the meme coins, $DOGE recorded $1.59 million in liquidations, $1000PEPE had $997,000, and $PEPE saw $395,000.
- Altcoins like $XRP and $SOL also faced liquidations of $459,000 and $457,000, respectively.
This followed $BTC’s recent surge past $93,000, driven by renewed optimism surrounding the U.S.-China trade relations.
Liquidation Breakdown in the Last 24 Hrs
- Total Traders Affected: 147,581
- Largest Single Liquidation: $4.33 million $ETH-$USDT trade on crypto exchange Binance
- Long Positions: $73.36 million in liquidations
- Short Positions: $526 million in liquidations
Exchanges’ Impact
- Bybit: $254.28 million (92.04% short positions)
- Binance: $110.97 million (78.95% short positions)
- Gate.io: $76.19 million (88.22% short positions)
- HTX: $75.53 million (93.81% short positions)
- OKX: $68.23 million (77.08% short positions)
- CoinEx: $12.27 million (97.19% short positions)
- Bitfinex: $1 million (95.27% short positions)
- Bitmex: $725,690 (90.52% short positions)
About the $BTC Surge
- On April 22, Bitcoin surged past $93,000, gaining nearly 7% amid renewed hopes for easing U.S.-China trade tensions.
- It was after U.S. President Donald Trump announced that the country’s tariffs on China will be “substantially” reduced from the current 145%.
- The rally was also fueled by the remarks of U.S. Treasury Secretary Scott Bessent, a known crypto advocate, at a closed-door JPMorgan event, where he called the current trade standoff “unsustainable.”
- Bessent expects de-escalation soon, though he warned that a full trade agreement could take years.
- Despite the surge, cryptocurrency data and analytics platform CryptoQuant cautioned that resistance and weak market fundamentals could limit further gains.
- On-chain signals show weakness:
- BTC demand dropped by 146,000 in the past 30 days — better than March but still in decline.
- The demand momentum metric hit its lowest point since October 2024.
- On-chain signals show weakness:
Altcoins Also Rallied:
- $ETH rose 8%, surpassing $1,700.
- $SOL gained 7.2%, currently valued at $148.46.
- $SUI jumped 21.1%, now priced at $2.72.
- $XRP went up by 5.6%, now valued at $2.21.
Skepticism on $BTC’s Sustainability
Skepticism remains high among traders and analysts regarding the sustainability of $BTC’s recent price rebound.
Notably, trader Roman highlighted that the asset is currently retesting prior support levels as resistance around the $93,000 mark. While he acknowledged that a breakout above this level would be a positive sign for bullish momentum, he remained uncertain about the likelihood of it happening.
“Price now retesting prior support as resistance for now. A breakout above $93k would be great for bulls, however, I’m unsure if we’ll get it… Wait for the weekly close before you make assumptions or get excited. We’ve seen so many fake outs before. 5 days left.”
Roman, Swing Trader for $BTC and $ETH
Adding to the caution, analytics platform Ecoinometrics pointed out a concerning divergence between Bitcoin and the Nasdaq 100 index. While $BTC is climbing, the $NDX is trending downward — a pattern that historically does not last.
This article is published on BitPinas: $600M Liquidated From Crypto Market Today as BTC Surges to $93K
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