Bitcoin Rebounds Above $80,000 After Crypto Liquidations
Bitcoin rose above $80,000 on Nov. 4 after falling to $75,695, while crypto liquidations reached $464.67 million in one hour.
Bitcoin traded at $80,404 on Nov. 4, up 4.2%, according to CoinGecko data. Its market capitalization reached $1.617 trillion, daily trading volume totaled $34.602 billion and open interest in Bitcoin perpetual futures stood at $70.41 billion.
Crypto liquidations totaled $913.83 million over the previous 24 hours, affecting 117,302 traders, according to CoinGlass data. Short-position traders accounted for $554.27 million in losses, while long-position traders lost $359.55 million. Short liquidations made up 60.7% of the total.
Bitcoin-related positions accounted for $395.70 million in liquidations, with short positions representing 75.9% of those losses. Ether recorded $236.47 million in liquidations, while Solana and Zcash recorded $28.56 million and $20.13 million, respectively.
The largest individual liquidation was a $38 million ETH-USDT position closed on HTX. Binance accounted for 38.9% of exchange liquidations during the period.
Bitcoin fell below $77,000 before recovering. The decline followed withdrawals from spot Bitcoin exchange-traded funds, weakness in technology stocks and the effects of a reported Binance breach on Oct. 29. Reports that Democrats had won both chambers of Congress added to uncertainty over the balance of power during President Donald Trump’s administration.
The rebound forced traders with bearish positions to close their trades as Bitcoin moved higher. Exchanges automatically close leveraged positions when traders’ losses exceed the collateral supporting them.
Reviewed and fact-checked by Alex Panasenko on November 5.
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