According to data from futures exchange, Bybt, over 103,000 sellers have liquidated their Bitcoin positions over the last 24 hours. This liquidation was valued at $29.3 million and recorded as the worst single loss to Huobi-BTC. As soon as the weekly candle finished, Bitcoin’s price began moving and immediately rose to $39,800. It then reduced to its current price at $38,000.
The noise about Amazon’s intention to start accepting crypto as a payment method may have played a significant part in the market’s outburst. Business Insider had previously reported that Amazon wanted to hire someone who would “develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.”
It seemed like the price of BTC had started to fall, but suddenly emerged from a three-month downfall on Saturday. This downfall and sideways movement convinced many people that the sector had spiraled into a bear market.
Notwithstanding the crash, BTC has experienced a surge and surprised the bears.
As soon as the price of BTC increased, other cryptocurrencies began to grow as the total crypto market cap rose to $1.57 billion, a 7.5% increase from the day before.
Ethereum experienced a 40% gain as it grew from $1,700 to $2,385, while Polygon (Matic) gained over 80% as the price climbed up to $1.12.
Image Credits: Pixabay
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