Bitcoin and Ethereum led the charge, but over 54,000 traders paid the price as $145 million in leveraged bets got liquidated across the crypto market. Here’s the breakdown:
Downside Bets Backfire:
- Most traders expected dips, placing $91 million in short positions (betting on price drops).
- But the market had other plans, rising 1.2% and wiping out those bets.
- A single $4 million Bitcoin short on Binance took the biggest hit.
BTC & ETH on the Rise:
- Both top coins are up this week, with BTC gaining 3% and ETH surging 11%.
- Bitcoin ETF approvals seem to be fueling the BTC rally, pushing it past $51,000 and solidifying its $1 trillion market cap.
- The upcoming halving (reward reduction) and ETF accumulation are seen as potential catalysts for further growth.
Ethereum Eyes Scalability Boost:
- The upcoming “Dencun” upgrade promises to make Ethereum faster and cheaper.
- It expands data availability for layer-2 solutions, allowing them to process more transactions per block.
- Successful testing on multiple networks paves the way for a mid-March launch on the mainnet.
Remember:
While the market looks bullish, crypto remains volatile. Invest responsibly and do your own research before making any bets.
