The crypto market experienced significant liquidations, totaling around $291 million, or about ₱16.1 billion, in the past 24 hours as Bitcoin returned to the $100,000 mark.
- $BTC topped the list with $113.9 million in liquidations, followed by $ETH at $64.7 million.
- The AI-powered Information Finance (InfoFi) token $KAITO also experienced significant liquidations of $12.8 million.
- Among the meme coins, $DOGE had $6.49 million in liquidations, Solana-based $FARTCOIN had $4.83, and U.S. President Donald Trump’s $TRUMP recorded $3.65 million.
- Altcoins like $SOL and $SUI also faced liquidations of $8.74 million and $6.49 million, respectively.
This followed $BTC’s surge to $100,000, driven by continued optimism surrounding U.S.-China trade relations.
Liquidation Breakdown in the Last 24 Hrs
- Total Traders Affected: 107,648
- Largest Single Liquidation: $10.59 million $BTC-$USDC trade on crypto exchange Binance
- Long Positions: $73.36 million in liquidations
- Short Positions: $526 million in liquidations
Exchanges’ Impact
- Binance: $104.63 million (70.13% short positions)
- Bybit: $90.19 million (71.88% short positions)
- OKX: $38.85 million (67.1% short positions)
- Gate.io: $36.34 million (71.38% short positions)
- HTX: $233.63 million (83.33% short positions)
- CoinEx: $2.68 million (79.78% short positions)
- Bitfinex: $325,740 (75.25% long positions)
- Bitmex: $245,330 (77.03% short positions)
U.S.-U.K. trade deal
Bitcoin surged to over $99,000, its highest since February, amid speculation around a U.S.-U.K. trade deal teased by Trump and a Federal Reserve rate pause at 4.25% to 4.50%.
According to The New York Times, the deal includes Britain and could represent a significant diplomatic breakthrough after months of tariff-fueled economic tensions under Trump’s “Liberation Day” policy agenda.
Additional Surge Factors
Metaplanet Bought 555 $BTC
Another reason for the surge in $BTC is that Tokyo-based Metaplanet announced that it will issue another $25 million in bonds—its second such sale in days—to EVO FUND in order to purchase more of the cryptocurrency.
The zero-interest bonds mature on November 6, 2025. The company also revealed it recently acquired 555 $BTC worth ¥7.63 billion ($53.5 million), bringing its total holdings to 5,555 $BTC, the largest among public companies outside North America. Following the news, Metaplanet’s shares rose 11.5%.
U.S.-China trade
Optimism over the upcoming U.S.-China trade talks set for May 10 to 11 is also noted as a driver of $BTC’s price. Market sentiment is boosted by hopes that the talks will ease the ongoing tariff war (U.S. at 145%, China at 125%), potentially creating a more stable global economy that favors risk assets like crypto.
This article is published on BitPinas: Quick Take: Crypto Liquidations Top $291M as Bitcoin Revisits $100K Level
What else is happening in Crypto Philippines and beyond?
No Comment! Be the first one.