Liquidations Top $400 Million as Ethereum (ETH) Nears $4,000, Bears in Disbelief

The cryptocurrency market experienced a substantial revival in the past 24 hours, with Bitcoin (BTC) climbing to approximately $117,000.

The leading altcoins performed even better: Ethereum (ETH) surged by 5% daily and is inching towards $4,000, Ripple’s XRP pumped by 12% to $3.36, while Stellar (XLM) reached a two-week high of $0.46.

The sudden uptick in the market was caused by bullish factors, including Donald Trump’s executive order that aims to allow 401(k) investors access to alternative assets, such as cryptocurrencies, and the official resolution of the Ripple v. SEC case. 

Somewhat expected, the resurgence has resulted in liquidations for over-leveraged traders. According to CoinGlass, the sum for the last 24 hours equals more than $400 million, with short positions comprising around 80% of the total.

ETH trades accounted for $187 million, followed by BTC ($57 million) and XRP ($28 million). The largest single liquidation order occurred on HTX, involved the ETH/USDT trading pair and was valued at $34.28 million. The total number of liquidated traders over the past day stands at 113,178.