With Bitcoin and Ethereum enjoying hefty gains after the latest rate hike, traders shorting the leading cryptocurrencies were caught out.
Sujith Somraaj
By Sujith Somraaj
Jul 28, 2022
2 min read
Following a week of steady losses, crypto prices have turned a bullish corner in the last day. And traders shorting Bitcoin and Ethereum have been caught out.
This positive price movement puts the total market capitalization just above $1.05 trillion, a 7.15% rise over the past 24 hours, suggests CoinMarketCap.
Bitcoin (BTC), the leading cryptocurrency with a market capitalization of $438 billion, is up 7.3% over the past 24 hours and trades at around $22,884.
Despite significant daily gains, BTC is still down 66.66% from its all-time high of $68,789.63 recorded in November 2021, reports CoinMarketCap.
Ethereum (ETH) has also posted significant gains of nearly 11% over the past 24 hours. ETH is the second-largest cryptocurrency, with a market capitalization of $197 billion.
The leading smart contracts blockchain is trading at around $1,614 apiece, down 66.69% from its recorded all-time highs in November 2021, according to data from CoinMarketCap.
Nearly 88,140 traders were liquidated over the past 24 hours, reports Coinglass.
Of those traders, a hefty majority (72%) were short various cryptocurrencies, resulting in losses of $273.87 million.
A chart with both green and red bars.
Bitcoin liquidations chart. Source: Coinglass.
Ethereum led liquidations, with nearly $165.52 million liquidated of which $120.34 million were short positions. Bitcoin traders were also liquidated to the tune of $116.60 million ($82.47 million in shorts), followed by $31.28 million ($22.10 million in shorts) in Ethereum Classic wiped out.
Apart from Bitcoin and Ethereum, DeFitokens, including Lido (37%), Synthetix (24%), and Uniswap (23%), have also posted significant gains.
Ethereum Classic (28%), Bitcoin Cash (23%), and several other proof-of-work (PoW) blockchains also showed positive price movement.
The “move-to-earn” trend pays users crypto for exercising. Image: Shutterstock.
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Today’s bullish price action comes on the heels of the U.S. Federal Reserve delivering the expected 75-basis point hike and strong growth in trading volumes.
The “move-to-earn” trend pays users crypto for exercising. Image: Shutterstock.
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Overall trading volumes of cryptocurrencies also jumped 30% from $72.78 billion yesterday to $93.12 billion today, according to data from CoinMarketCap.
Not just cryptocurrencies, stock markets also responded positively following the latest rate hike.
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Yesterday, at the end of trading hours, U.S. stock indices, including Dow Jones Industrial Average (DJI) closed 1.37% higher, and Nasdaq Composite (IXIC) gained 4.06%.
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THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.