The past 24 hours have seen significant liquidations of traders’ positions on major crypto exchanges, totaling over $220 million.

Key Highlights:

  • Bitcoin (BTC) liquidations reached nearly $60 million.
  • Ethereum (ETH) liquidations amounted to $26.84 million.
  • Meme coins like Dogecoin (DOGE), Pepe (PEPE), Memecoin (MEME), and Shiba Inu (SHIB) also saw active position closures.
  • DOGE and PEPE accounted for the most liquidations in this category, with $18.12 million and $12.27 million, respectively.

The majority of liquidations occurred on Binance, totaling $88.72 million, followed by OKX with $82.59 million in liquidations.

On March 4, Bitcoin surged past $64,000 and is currently trading at $64,050, marking a nearly 4% increase in the past 24 hours and over 24% increase in just a week.

Analysts from Matrixport highlight the interconnection between institutional demand and physical demand, driving BTC prices higher due to supply and demand imbalances.

The Bitcoin bull market continues with a mix of institutional and retail demand. The supply/demand imbalance favors higher Bitcoin prices.

According to K33 experts, Bitcoin exchange-traded funds (ETFs) are gaining significance, potentially fueling BTC price to surpass its previous all-time high of nearly $70,000. The upcoming halving in spring 2024 is expected to be another growth driver.

For more insights, visit Global Crypto News.

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