Quick Take

Bitcoin broke past the $44,000 barrier for the first time since Dec. 10, hitting a high of $44,164 on Bitstamp before falling back below $44,000. This price increase led to significant market activity.

According to Coinglass, there were about $160 million in liquidations across the digital asset market in the past 24 hours. Most of this liquidation volume, close to $100 million, came from short positions. Bitcoin alone saw about $50 million in liquidations, with most being short positions. This trend suggests a bullish market sentiment, as most liquidated positions were bearish bets against the market.

Over just one hour in early U.S. trading hours on Dec. 20, the market experienced liquidations amounting to approximately $50 million. Of this sudden surge, shorts accounted for a significant $42 million.

Despite the significant liquidation, the crypto market has shown resilience, with Bitcoin leading the rally.

 

Chart showing Bitcoin liquidations on Dec. 20, 2023 (Source: Coinglass)

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