With a market cap jump of more than $150 billion in the last 24 hours, the crypto market saw one of the strongest recoveries in 2022. Due to the rising valuations, short crypto traders have suffered huge losses since yesterday.
The data from Coinglass shows that almost $265 million worth of short trading positions were liquidated in the last 24 hours. The biggest single liquidation order took place at Bitmex with a total value of $7.95 million.
The tensions between Russia and Ukraine had a negative impact on global financial markets in the past few days. Cryptocurrency assets also remained under pressure after BTC and ETH lost nearly 15% of their values.
However, investors shrugged off uncertainties in the past 24 hours as major digital assets gained significant values during the mentioned period.
“After a slump across all risk-on assets due to Russia invading Ukraine, global markets recovered remarkably yesterday. $143 million of Bitcoin short positions were liquidated over the course of 12 hours as bulls took control. It appears that the invasion was a ‘sell the rumor, buy the news’ event, where risk-on assets were bought aggressively as it was confirmed that Russia was indeed invading. The market dislikes uncertainty so as soon as we had some clarity of the long-lasting crisis, buyers stepped in,” Marcus Sotiriou, Analyst at GlobalBlock, said.
According to the latest data published by blockchain analysis provider Elliptic, Bitcoin donations to Ukraine have soared in the past few days.
“On February 24th alone, one NGO received over $675,000 in Bitcoin, and by 9:30 am on the 25th, it had already received more than $3.4 million – over $3 million of which was sent by a single donor. This pushes the total raised by these groups since the start of the invasion to over $4 million,” Elliptic highlighted.