Traders sell off meme coins amid Bitcoin jump to $64k
The liquidations of traders’ positions on major crypto exchanges due to jumps in cryptocurrency rates over the past 24 hours exceeded $220 million.
According to Coinglass, on March 4 most liquidations were in Bitcoin (BTC), with almost $60 million. Traders also liquidated positions in Ethereum (ETH) amounting to $26.84 million. It is noteworthy that traders actively closed their positions in meme coins, including Dogecoin (DOGE), Pepe (PEPE), Memecoin (MEME), and Shiba Inu (SHIB). DOGE and PEPE accounted for the most liquidations in this category – $18.12 million and $12.27 million, respectively.
The most significant liquidations occurred on the Binance cryptocurrency exchange for $88.72 million, followed by OKX which saw $82.59 million in liquidations.
On March 4, the Bitcoin rate exceeded $64,000. At the time of writing, BTC is trading at $64,050, having gained almost 4% over the past 24 hours. BTC increased its price by more than 24% in just a week.
Matrixport analysts emphasize that the institutional side is now intertwined with physical demand. The supply and demand imbalance continues to drive BTC prices higher.
The #Bitcoin bull market continues. Demand from #institutions has been mixed with a reawakening of #retail flow. The supply/demand imbalance continues to favor higher prices of Bitcoin.
Access the full chart for insights: https://t.co/gs16gkYJ7e pic.twitter.com/mip4veZciB
— Matrixport (@realMatrixport) March 4, 2024
K33 experts also note in their report that Bitcoin exchange-traded funds (ETFs) have emerged as a significant topic, particularly concerning their potential to fuel the BTC price to surpass its previous all-time high (ATH) of nearly $70,000. Another growth driver will be the upcoming halving in the spring of 2024.
Read more: Bitcoin surge 2024: factors driving record highs and future predictions