The volatility and fluctuation of prices in the cryptocurrency market has led to liquidations worth over $300 million.
The 15% rise in the price of Bitcoin, say, in a single day, became its biggest rally in over a year.
Russian President Vladimir Putin’s special military operation against his western neighbor caused massive turmoil in financial markets last week.
Bitcoin is a highly volatile asset, with Bitcoin dropping around $5,000 a day bringing its price to a monthly low of $34,000.
The cryptocurrency then recovered just as quickly the next day as no other country wanted to be directly involved in the ongoing war between the two countries.
This led to a period of Bitcoin sideways rallies, as the Bitcoin price has been hovering around $38,000 for a few days.
In the last 24 hours the situation has changed.
Bitcoin moved from its previous level, broke through $40,000, and continued its climb to a 12-day high of just over $44,000.
Rising more than 15% on the day, Bitcoin recorded the largest daily increase in price since February 2021, when it pumped nearly 20%.
Most of the altcoins made significant gains as well, which led to a large number of liquidations.
According to Coinglass data, more than 60,000 traders’ positions were destroyed in the past day, and liquidations totaled more than $300 million.
The largest single liquidation order (worth over $11 million) occurred on Binance.
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