Despite a string of lawsuits from the US Securities and Exchange Commission (SEC) targeting the world’s two largest cryptocurrency exchanges this week, Bitcoin is still up 4.5% on Tuesday.
This event triggered the liquidation of a total of $94 million in the market over the past day, mainly consisting of short positions.
According to data from Coinglass, in the last 24 hours, $61.5 million of short sales were liquidated, along with $32.4 million of long trades. At the time of writing, Bitcoin is trading at $27,200.
When focusing solely on Bitcoin trading, Coinglass calculates that there were $30.87 million in short liquidations and $7.27 million in buy liquidations.
The wave of liquidations affected 32,000 traders, with the largest liquidation occurring on Binance at $5.6 million.
Bitcoin’s rally follows the SEC’s lawsuit against Coinbase, which is in stark contrast to Bitcoin’s decline following the SEC’s lawsuit against Binance on Monday.
Online data from Blockware shows that small BTC addresses (<1 BTC) have accumulated 2,545 BTC on Monday, suggesting that some investors may have bought into the lows.
Compared to that, BNB and ADA posted relatively modest gains – two cryptocurrencies directly targeted in the Binance and Coinbase lawsuits.