{"id":379679,"date":"2023-12-06T09:14:25","date_gmt":"2023-12-06T09:14:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=379679"},"modified":"2023-12-06T14:15:51","modified_gmt":"2023-12-06T14:15:51","slug":"soaring-bitcoin-prices-liquidates-272m-pushes-tether-usdt-supply-above-90m","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/soaring-bitcoin-prices-liquidates-272m-pushes-tether-usdt-supply-above-90m\/","title":{"rendered":"Soaring Bitcoin prices liquidate $272M, pushes Tether USDT supply above 90B"},"content":{"rendered":"<p>Cryptoc traders experienced liquidations worth more than $260 million during the last 24 hours due to the surging value of digital asset prices.<\/p>\n<p><a href=\"https:\/\/www.coinglass.com\/LiquidationData\">Data<\/a> from CoinGlass reveals that most of these liquidated positions, valued at around $170 million, belonged to shorts\u2014traders who speculated on price declines. This marks the fourth-largest sum of short liquidations recorded in a single day within the last four months.<\/p>\n<p>Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>) traders bore the brunt of the losses. Short traders lost almost $92 million as the digital asset's value briefly <a href=\"https:\/\/cryptoslate.com\/insights\/bitcoin-crosses-44k-as-market-cap-outstrips-meta\/\">surpassed $44,000<\/a> following the continued optimism surrounding a possible spot exchange-traded fund (ETF) approval in the U.S. The flagship asset's value has since retraced to $43,719 as of press time, according to <em>CryptoSlate's<\/em> data.<\/p>\n<p>Traders betting against Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>) rise also experienced approximately $35 million in liquidations. During the reporting period, ETH's price touched a new yearly high above $2250, marking its highest level since Terra's shock collapse last year.<\/p>\n<p>Other traders holding short positions against alternative cryptocurrencies like <a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">Solana<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/dogecoin\/\">Dogecoin<\/a>, and <a href=\"https:\/\/cryptoslate.com\/coins\/ordi\/\">ORDI<\/a>\u00a0also recorded substantial losses during the reporting period.<\/p>\n<p>Across exchanges, Binance and OKX recorded the most significant liquidations, as short traders lost almost $110 million on these platforms.<\/p>\n<h2>Tether spikes above 90B<\/h2>\n<p>The rallying crypto market also resulted in Tether's <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">USDT<\/a> stablecoin supply breaching a new all-time high of 90 billion, according to <em>CryptoSlate's<\/em> data.<\/p>\n<p>In November, USDT's circulating supply <a href=\"https:\/\/cryptoslate.com\/tether-circulating-supply-increased-by-4-billion-usdt-in-november\/\">increased<\/a> by 4.5 billion amid the growing market optimism for a spot ETF. <em>CryptoSlate<\/em> Insight <a href=\"https:\/\/cryptoslate.com\/insights\/usdt-tether-supply-edges-toward-90-billion-with-potential-influence-on-bitcoin-prices\/\">revealed<\/a> a substantial 96% correlation between the circulating supply of USDT and Bitcoin's price movement throughout the period.<\/p>\n<p>Observers have suggested that this influence on Bitcoin's price may become more significant as USDT supply grows.<\/p>\n<p>USDT's increasing supply also indicates an improving liquidity for the crypto market as more capital enters the ecosystem. In a recent note to investors, Markus Thielen, the head of research at Matrixport, <a href=\"https:\/\/www.matrixport.com\/institutions\/research\/matrix-on-target\/785\">said<\/a>:<\/p>\n<blockquote><p>&#8220;The most important chart and signal is the daily minting from Tether, which shows that nearly $7 billion is being moved into crypto. This flow is front-running the Bitcoin spot ETF approval and driving crypto prices higher.&#8221;<\/p><\/blockquote>\n<p><em>Correction at 14:15: an earlier version of this article headline stated Tether supply was $90 million. It has been corrected to reflect it's $90 billion.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptoc traders experienced liquidations worth more than $260 million during the last 24 hours due to the surging value of digital asset prices. Data from CoinGlass reveals that most of these liquidated positions, valued at around $170 million, belonged to shorts\u2014traders who speculated on price declines. This marks the fourth-largest sum of short liquidations recorded [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":379680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,1],"tags":[76769,76128,72190,76937],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Soaring Bitcoin prices liquidate $272M, pushes Tether USDT supply above 90B<\/title>\n<meta name=\"description\" content=\"Crypto traders were liquidated of more than $260 million amid the continued increase of Bitcoin and Ethereum prices.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/soaring-bitcoin-prices-liquidates-272m-pushes-tether-usdt-supply-above-90m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Soaring Bitcoin prices liquidate $272M, pushes Tether USDT supply above 90B\" \/>\n<meta property=\"og:description\" content=\"Crypto traders were liquidated of more than $260 million amid the continued increase of Bitcoin and Ethereum prices.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/soaring-bitcoin-prices-liquidates-272m-pushes-tether-usdt-supply-above-90m\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-06T09:14:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-06T14:15:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/bitcoin-roaring-lion.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/soaring-bitcoin-prices-liquidates-272m-pushes-tether-usdt-supply-above-90m\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/soaring-bitcoin-prices-liquidates-272m-pushes-tether-usdt-supply-above-90m\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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