Increased price volatility across the cryptocurrency market led to the liquidation of more than $300 million worth. Bitcoin's 15% price spike became the largest in more than a year.
- Last week, Russian President Vladimir Putin’s “special military operation” against his Western neighbors caused huge disruptions in financial markets.
- Bitcoin, a highly volatile free-market asset, fell about $5,000 in one day to a monthly low of just above $34,000.
- However, cryptocurrencies recovered quickly the next day as no other country was willing to get directly involved in the ongoing war between the two former Soviet states.
- This led to a period of consolidation for BTC, as the asset remained around $38,000 for a few days. However, yesterday, the situation changed.
- BTC continued to fall from these levels, breaking above $40,000 and continuing to climb to a 12-day high of just above $44,000.
- Bitcoin soared more than 15 percent in one day, marking the biggest one-day price gain since February 2021, when it rose nearly 20 percent.
- Most cryptocurrencies have generated much larger gains, leading to massive liquidations. According to Coinglass, more than 60,000 traders were compromised in the past day, with liquidations totaling more than $300 million.
- The largest clearing order (worth over $11 million) occurred at Coinan and actually involved THETA, which rose over 20% in one day.
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