Quick Take
Bitcoin, the flagship digital asset, recently climbed to as high as $57,000 – a peak not seen since November 2021.
Despite a subsequent minor fallback to around $56,000, the 24-hour span saw a remarkable price swing of $7,000, with the digital asset appreciating by approximately 5.4%. This marks the second-highest daily rise of 2024, following only behind the approximately 7% seen on Jan. 8, according to Glassnode.
As Bitcoin surged from its day’s low of roughly $51,050, the broader digital asset market experienced significant ripple effects. Just shy of $400 million worth of liquidations were triggered over 24 hours, with Bitcoin accounting for nearly half of this at roughly $200 million, according to Coinglass.
These statistics primarily encompassed short positions aligned with CryptoSlate’s coverage, indicating an accumulation of liquidations at prices above $53,000.
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