Over $630 Million In Cryptocurrencies Liquidated In One Day

The flagship cryptocurrency Bitcoin (BTC) rate rose to $23,000 as of July 19, 2022. This led to more than $630 million of funds being liquidated on the world’s centralised exchanges over the past 24 hours. Analysts noted that the Bitcoin currency began a bullish rally after Ethereum (ETH).

Market specialists emphasized that the price of BTC showed an unusual and rather unique momentum. The digital coin was trading in the $22,000-$22,500 range, but the BTC rate suddenly rose from $22,460 to $23,160 in just 16 minutes as of 18:30 Moscow time. Further, the price corrected slightly and is now at $22,904.

According to experts, in connection with the short-term surge to this mark, more than $600 million was liquidated overnight. At the same time, more than half of this amount, namely $377 million, was received from transactions with ETH, against the backdrop of the last price jump, which took place on July 18.

Experts said that the growth of the cryptocurrency market, particularly the second asset in terms of capitalization, is associated with the announcement of the imminent update of Ethereum Merge. Thanks to the latest news, the ETH rate has risen above the $1,500 mark. At the moment, the virtual asset is trading at $1528.3.

The experts also noted that in the past 24 hours, Solana demonstrated an excellent result among the cryptocurrencies from the top 10. The cost of SOL immediately added 10.27%, reaching $46.23. Analysts are waiting for the breakout of the key resistance level at $50.

Previously, the Crypto.ru editors reported: Market analysts spoke about the most profitable cryptocurrencies for the day from July 18 to July 19, 2022. They noted that at once, 3 virtual assets were able to rise in price by more than 15%. This incredibly pleased short-term investors in projects. The day leader was Ethereum Classic (ETC), which managed to add 18.09% to yesterday’s price.