The data showed that bitcoin futures saw losses of around $85 million over the past few hours. Over the past 24 hours, the market has witnessed amazing highs that have led to the liquidation of $185 million in shorts or bets against rising prices. This contributed to total liquidation losses of more than $200 million.
Liquidation operations.. the return of the market to the rise
Also, futures contracts that track Bitcoin have seen more than $85 million in liquidations alone, the highest among all digital currencies. Ether futures also recorded $58 million in liquidations, while Aptos and Solana futures saw losses of between $3 million and $4 million.
Cryptocurrency exchange Binance also recorded the largest loss among its peers at $68 million, followed by OKX with $51 million.
The cryptocurrency market capitalization rose 8.8% to its highest level since November, erasing losses from contagion effects from the FTX collapse and problems at cryptocurrency lender Genesys.
Whereas, Bitcoin and Ether rose to over $24,500 and $1,600 respectively, leading to a market-wide recovery. OKB, the native token of cryptocurrency exchange OKX, rose 20%, the most among major cryptocurrencies, while BNB (BNB) rose to $323.
Elsewhere, AI-focused tokens such as Fitch (FET) and Ajax continued their rally over the course of a week, adding more than 12%.
Optimistic forecast
The CEO of Galaxy Digital said that he wouldn’t be surprised if Bitcoin reached $30,000 before the end of the current quarter of 2023.
Mike Novogratz believes that the price rally may continue into the end of March, as the recent positive Bitcoin price movement has been linked to slowing inflation in the US.
Mike Novogratz, CEO of Galaxy Digital Holdings, said that there is an opportunity for bitcoin to be used by several major companies in the payments system, boosting appetite for the currency.