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Crypto market saw US$374 million liquidated with increase in BTC and ETH

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The crypto market has eliminated most of its outstanding deficits as Bitcoin (BTC) and Ethereum (ETH) leads the market’s bullish rally. At the time of writing, the combined market value of cryptocurrencies has soared 8.91% to $2.59 trillion.

Bitcoin and Ethereum Settlement

According to data from Crypto analytics platform CoinGlass, the combined market settlement value reaches $374.85 million. The settlement covers more than 94,400 traders, most of whom are short sellers. According to the data, Bitcoin settlement in 24 hours reaches US$97.74 million. This comprises $24.51 million attributable to long-term traders and $73.23 million to short-term traders.

Surprisingly, Ethereum has seen more liquidations than Bitcoin considering it is the main engine or catalyst driving the industry. At present, Ethereum’s daily settlement has exceeded $132.17 million. The long settlement amounts to $29.24 million, while the short settlement amounts to $102.93 million.

Crypto settlement heatmap. Source: CoinGlass

The liquidation data also showcased other top altcoins, especially those with the sharpest price increases. Solana (SOL), for example, recorded $23.28 million in liquidations, stemming from its more than 10% price increase at its peak earlier today. At the time of writing, Solana is losing some of its accumulated gains and is down 1.62% to $176.87.

With the sell-offs, it becomes once again obvious how impossible it is to decipher the volatility in the digital currency ecosystem. Although Bitcoin, Ethereum and Solana lead the liquidation ground, other altcoins including Dogecoin, GALA and PEPE also recorded significant losses.

What’s next for BTC and ETH price

There is intense volatility in the crypto ecosystem, with instability rocking the price of Bitcoin. After rising to $71,946.46, Bitcoin price is now pulling back and is fixed at $69,664. Despite this drop in price, Bitcoin still rose 1.46% in 24 hours.

Ethereum has remained largely resilient with an 18.41% increase at press time to $3,726.04. The currency is in the spotlight following the potential approval of spot Ethereum ETF products in the USA. In a dramatic turnaround, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised their Ethereum ETF approval odds from 25% to 75%, suggesting approval is likely this week.

Reportedly, officials at the United States Securities and Exchange Commission (SEC) have told exchanges that they are inclined to approve the Ethereum ETF products. If this growing speculation is confirmed with the approval of the Ethereum ETF in sight, the price of ETH and, by extension, Bitcoin could see further increase this week.

See more information: CoinShares Valkyrie Funds Will Not Apply for a Spot Ethereum ETF

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