The crypto space witnessed liquidations surpassing $176 million between Dec. 25-26. Altcoins, notably Solana (SOL) and ORDI, contributed significantly to the losses alongside traditional players like Bitcoin (BTC) and Ethereum (ETH).
The daily liquidation volume reached $176.53 million, mainly affecting long positions on major exchanges like Binance, OKX, and Bybit. This trend coincided with a 2% dip in BTC’s value, reaching $42,750.
With Bitcoin dropping by 3.35 %, this downturn came at $42,176. Nonetheless, in 2023, Bitcoin reigned supreme compared to global stock markets and gold, boasting an incredible 163 % growth.
According to experts, this success can be ascribed to expectations of lower interest rates, relaxing regulatory scrutiny by the U.S. government, and anticipated SEC approval of a Bitcoin ETF.
As this new year begins, optimism remains the order of the day, with analysts expecting to see further expansion in the crypto world.
