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Bitcoin’s value has regained the $40,000 level after trading below this figure for the past two days.
As per data from CryptoSlate, the leading cryptocurrency surged by approximately 4% in the last 24 hours, reaching a high of nearly $40,500 today, Jan. 24, before slightly retracting to $39,997 at the time of reporting.
Analysts have linked BTC‘s lackluster performance during this timeframe to selling pressure originating from the derivative market. Nevertheless, CryptoSlate Insight noted a marked increase in the activity of major currency whales, indicating that this group was purchasing even as the price fell below $40,000.
In the meantime, the price increase allowed Bitcoin’s market capitalization to rise by about $30 billion, bringing it to $785 billion during the reporting period.
Likewise, Bitcoin’s favorable movement initiated a broader trend reversal in the cryptocurrency market, with several large-cap alternative cryptocurrencies, such as Ethereum, Solana, and XRP, showing notable gains during the reporting timeframe.
The overall cryptocurrency sector increased by 3.26% in the last 24 hours, reaching $1.56 trillion.
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Nearly $160M liquidated.
Data from Coinglass indicates that the significant market fluctuations resulted in the liquidation of $156 million from 55,036 traders within the past day.
Short traders—those betting on price declines—suffered losses totaling $83.77 million, while their long counterparts, who held more optimistic views, faced losses of $72.48 million.
Bitcoin led the liquidations, representing a considerable $51.22 million. The reversal in asset price led short traders to incur losses of $35.25 million, while long traders experienced a setback of $15.97 million.
Ethereum traders also faced challenges, reporting losses of $41.45 million, with $24.5 million linked to long trades and $16.95 million to short positions. Notably, the largest single liquidation event involved a $3.69 million short position on ETHUSDT, occurring on the Binance platform.
In addition to the major cryptocurrencies, traders dealing with Solana, Sui Protocol, and Ordinals also faced losses, totaling $8.99 million, $4.1 million, and $3.80 million, respectively.
When analyzing the distribution of liquidations across exchanges, Binance, which has the highest trading volume, led with a 45.31% share, closely followed by OKX at 33.26%. Binance and OKX recorded liquidations of $72.23 million and $53.03 million, respectively.
The post Bitcoin drawn back toward $40k as market capitalization recovers $30 billion appeared first on CryptoSlate.
