More than $195M liquidated in the last 24 hours as Bitcoin and altcoins rebound

• The combined crypto market capital has swelled by over $115 billion in the last 12 hours
• Market data shows $195 million worth of leveraged positions have been closed on account of the unexpected rally

Top crypto assets are soaring in the market led by Bitcoin and the premier altcoin – both have seen 24-hr price gains of more than 6.50%. The market upsurge started late yesterday following the accidental release of a statement from Treasury’s Janet Yellen acknowledging the White House’s ‘positive’ crypto directive.

Through Yellen’s comments, the market construed the crypto executive order as pragmatic and even positive to some extent. This triggered a market-wide rally, with the total crypto market capital growing from $1.726 trillion to a peak of $1.847 trillion a few hours ago.

Massive liquidation follows

With the majority of cryptocurrencies seeing ‘gains, thousands of traders who bet against price increases have been caught off-guard.

Data from Coinglass shows that up to 47,000 traders have seen their positions forcibly liquidated. At the time of writing, the total liquidation stands at $195.33 million, with the largest liquidation order (XBTUSD value $5.18M) happening on Bitmex.

Bitcoin futures, as expected, have contributed the most in the last 24 hours. The king cryptocurrency makes up about 49% of the liquidated volume – $94.86 million translating to 2.25K BTC. It is followed by Ether futures which account for $41.52 million, equating to 15.09K ETH. Terra’s LUNA, whose price has jumped about 18% in the last 24 hours, is third. $12.72 million orders (129.77K LUNA) have been wiped out.

The bulk of orders liquidated (totaling 74.49% of the total volume) are shorts. OKEx exchange is thus far the home of the largest liquidation, with over $77.23 million liquidations being recorded on the platform in the last 24 hours. 80.74% of the orders are shorts translating to $62.36 million.

Binance and ByBit follow with $56.48 million and $23.76 million of liquidation volume, respectively, at the time of writing. 73.4% of the liquidated orders on the latter are shorts, whereas, for Binance, 63.17% of the orders are shorts.