Share this article
Bitcoin Crosses $24.7K, Sees Highest Liquidations in Two Months
The largest cryptocurrency was trading at just over $24,700 during the Asian morning hours on Tuesday.
Updated Mar 9, 2024, 1:58 a.m. Published Mar 14, 2023, 6:02 a.m.
Make us preferred on Google
Bitcoin added over 11% in the past 24 hours to trade above $24,700 on Tuesday, retracting all losses from over the weekend and setting a three-week high.
The movement possibly came as a surprise to traders who may have otherwise bet on declining prices after two key crypto-friendly banks were shut last week and USD coin (USDC), a major stablecoin, depegged from the U.S. dollar.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Over $100 million worth of bitcoin shorts, or bets against a rise in prices, was liquidated on Monday. This was the highest liquidated amount since Jan. 14 when a bitcoin surge caused $500 million in liquidation across several crypto futures.
Monday’s liquidations meant 78% of all bitcoin futures traders took on losses, data from Coinglass shows. The losses were spread mainly over crypto exchanges Binance, OKX, Huobi and Bybit.
Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly.
Bitcoin prices rose as U.S. bank stocks dropped steeply on Monday, exacerbated by fears of a similar bank run on regional outlets following last week’s collapse of Silicon Valley Bank.
As such, data suggests the price action was spot driven. As of Tuesday, open interest on futures remained below Mar. 9 levels, when bitcoin traded above $23,500, even as bitcoin retraced all losses – implying the price action was led by investors purchasing bitcoin instead of being futures driven.
Elsewhere, crypto exchange Binance said Monday it would convert $1 billion of its native Binance USD (BUSD) stablecoin to bitcoin, ether , BNB coin and other unspecified tokens – which also likely contributed to the price rise.
Meanwhile, Asian companies mirrored the U.S. market movement on Tuesday's open – as the Asia Dow fell 2.2%, Japan’s Nikkei 225 fell 2.5% and Hong Kong’s Hang Seng shed nearly 1%.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Fed rates decision, Tesla earnings, Bybit roadmap: Crypto Week Ahead
Your look at what's coming in the week starting Jan. 26.
What to know:
You are reading Crypto Week Ahead: a comprehensive list of what's coming up in the world of cryptocurrencies and blockchain in the coming days, as well as the major macroeconomic events that will influence digital asset markets. For an updated daily email reminder of what's expected, click here to sign up for Crypto Daybook Americas. You won't want to start your day without it.
Top Stories
