The increased price volatility across the whole crypto market resulted in over $300 million in liquidations. For example, Bitcoin’s 15 percent price increase was the greatest in almost a year.
Last week, Russian President Vladimir Putin began a “special military action” against its western neighbor, causing huge market disruptions.
Bitcoin, a highly volatile and free-market currency, plummeted by over $5,000 in a single day, crashing to a monthly low of just over $34,000.
The cryptocurrency, on the other hand, recovered just as quickly the next day, as no other government wanted to get directly involved in the ongoing conflict between the two former Soviet republics.
This caused BTC to consolidate for a few days, with the asset hovering around $38,000.
The situation, however, shifted yesterday.
From the aforementioned level, BTC went on a tear, breaking above $40,000 and soaring to a 12-day high of just over $44,000.
Bitcoin experienced its greatest significant day price spike since February 2021, when it increased by about 20%.
The majority of altcoins have seen even greater gains, resulting in a considerable number of liquidations. According to Coinglass data, over 60,000 dealers have been wiped out in the last day. That’s, with total liquidations exceeding $300 million.
The single greatest liquidation order (worth over $11 million) was placed on Binance. Then, and it featured THETA, a cryptocurrency that has gained more than 20% in a single day.
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