The total market cap of crypto assets crossed the level of $2 trillion yesterday after a strong rally in altcoins. XRP, Dogecoin, Binance Coin and Polkadot posted strong gains within the last 24 hours. Due to the latest jump in digital currencies, liquidations across the crypto market have accelerated since yesterday.
The latest data posted by bybt.com shows that nearly $160 million worth of short crypto trading positions were liquidated in the last 24 hours. Approximately $55 million worth of short Bitcoin trading positions got liquidated along with $40 million worth of short Ethereum positions.
In addition to Bitcoin and Ethereum, XRP, Dogecoin, Solana and EOS also saw major liquidations in the last 24 hours. According to bybt.com, the largest single liquidation order happened on crypto exchange bybit with a total value of nearly $5.85 million.
Commenting on the latest surge in the crypto market, Simon Peters, Market Analyst at eToro, said: “Crypto-assets continued their surge last week, with Cardano (ADA) a standout performer. ADA started the week at $1.41 but has since soared, reaching over $2.24 on Saturday – a 96% rise. At the time of writing the crypto asset is trading around $2.14. Bitcoin continues to edge back towards the $50,000 mark as it maintains its steady recovery. Having started the week below $44,000, BTC at times traded above $48,000 as its rally progressed with some volatility. It is now trading around $47,431.”
Crypto Market Developments
Last week, US Senate passed the infrastructure bill including key amendments to the cryptocurrency regulations in the country. Despite the reason that the adoption of cryptocurrency assets has increased in the US, there are still uncertainties regarding the potential outcome of the crypto amendments.
“The bill contains new regulations for US-based crypto firms to extend the definitions of what defines a crypto ‘brokerage’ to include exchanges, which will set new higher-level requirements for tax reporting of users. The bill is now set to head to the House of Representatives for further scrutiny,” Peters added.
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