As per Bitcoin Monthly Return, the top cryptocurrency has had monthly increases in October 10 times during the previous thirteen years. The surge seen in October 2021 , for instance, paved the way for Bitcoin to achieve its all-time high of almost $69,000at the start of November.
In 2022, nevertheless, investor anxiety increased as Bitcoin battled between $19,000 and $20,000 for the most of October. The top cryptocurrency, nevertheless, climbed 5% on Tuesday to recapture $20,000 for the initial time since early October, with the rise extending overnight to a prevailing price of $20,659, or 7.2% in the past 24 hours, according to CoinGecko.
Much more striking is Ethereum’s price increase, as the numero uno altcoin surged, even more, about 14% during the same period and was trading about $1,536 at the time of writing. As per statistics from CoinGlass, the most recent price movement resulted in a staggering $1.13 billion being wiped across exchanges in the previous 24 hours, with over 87% of that value, or $979 million, being short positions, or wagers against price gains.
In cryptocurrency markets, liquidation relates to the closure of positions by an exchange owing to a portion or whole loss of the original margin. This occurs when a trader is unable to meet the margin calls for a leveraged trade, meaning they lack adequate cash to maintain the open position.
Approximately $550 million were liquidated in Bitcoin, trailed by $476 million in Ethereum, with the single biggest liquidation trade taking place on the OKX platform for a $3.05 million ETH-USDT conversion. FTX had the biggest amount of liquidations across marketplaces, totaling $862 million, with over 77% being short positions.