Cryptocurrency Markets Surge Ahead of Bitcoin Halving: Total Liquidations Reach $258.7 Million
Cryptocurrency markets experienced a surge on Friday, with a 47.5% spike in total crypto liquidations reaching $258.7 million. This increase was accompanied by a more than double rise in total exchange inflows, as investors eagerly anticipated the Bitcoin Halving set to occur in a few hours.
The surge in cryptocurrency markets comes amidst ongoing geopolitical tensions, including Israel’s military strike on Iran early Friday morning. Despite these tensions, Bitcoin saw a 1.0% gain, reaching $64,161.87, while Ethereum and Dogecoin also experienced gains of 0.8% and 1.7% respectively.
The global cryptocurrency market cap now stands at 2.35 trillion, up 4.7% in the past 24 hours. Over 84,000 traders were liquidated, with total liquidations amounting to $257.93 million. The largest single liquidation order occurred on OKX – ETH-USD-SWAP, valued at $5.03 million.
Top gainers in the cryptocurrency market included Dogwifhat, THORChain, and Internet Computer Protocol, with gains ranging from 11.7% to 15.4%. Analysts noted that 91% of Bitcoin holders are currently in profit, with total exchange inflows more than doubling in recent days.
Notable figures in the crypto space, such as Paxton and CrediBULL Crypto, have shared their insights on the current market conditions. Paxton, the creator of Binance Square, highlighted Bitcoin’s significant rally, while CrediBULL Crypto hinted at a potential upward trend despite a recent momentum stall.
Looking ahead, the influence of Bitcoin as an institutional asset class will be a key topic at Benzinga’s upcoming Future of Digital Assets event. As the cryptocurrency market continues to evolve, investors are advised to stay informed and consider potential risks in their trading strategies.
