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#bitcoin
#BTC
In the last 24 hours, $100 million (USD) of leveraged bitcoin (BTC) and cryptocurrency futures positions have been liquidated. This is indicated by the most recent data from the explorer Coinglass.
The majority of these liquidations, specifically USD 86 million, have been from short positions. That means they had reversed on the market's downside, as shown by the red bars in the chart below.
Short and long liquidations every 4 hours. Source: Coinglass.
These liquidations take place amid the rally that the price of BTC had to near USD 45,000, its highest in a month. As reported by CriptoNoticias, this movement occurs as demand is strengthened in the face of the approach of the bitcoin halving.
The halving is the halving of the issuance of bitcoin, an event that limits the supply in the market, leading to the rise. Historically, this event has propelled the coin's price to a new all-time high.
source: Cryptonews