Quick Take
In a wild 24-hour ride, Bitcoin’s value underwent a rollercoaster of fluctuations, skyrocketing to a peak of $64,000, subsequently plunging to $59,000, before making a recovery to above $60,000.
This climb triggered a wave of liquidations, totaling roughly $800 million in the digital asset ecosystem, according to Coinglass. During Bitcoin’s ascent, short positions were battered, while then long positions got liquidated due to Coinbase’s technical snag.
According to Coinglass, the $300 million liquidation in Bitcoin, split between roughly $200 million shorts and $100 million longs, represents the largest short liquidation event in the past three months.
Looking beyond the tumultuous 24 hours, Bitcoin continues its upward trend, notching a 44% gain in February alone. If the momentum holds through the last day of the month, Bitcoin will close with six consecutive months of gains – a monthly performance not seen since December 2020, according to Coinglass.
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