Bitcoin is up 4.5% on Tuesday despite back-to-back lawsuits from the U.S. Securities and Exchange Commission (SEC) targeting two of the world’s largest crypto exchanges this week.
The event has triggered $94 million in liquidations across the market over the last day – mostly consisting of shorts.
- Per data from Coinglass, $61.5 million in short trades have been cleared over the past 24 hours, alongside $32.4 million in long trades. At writing time, Bitcoin trades for $27,146.
- When solely observing Bitcoin trades, Coinglass counted $30.87 million in short liquidations, and $7.27 million in long liquidations.
- The liquidation wave affected 32,000 traders, with the single largest liquidation order occurring on Binance at a size of $5.6 million.
- Bitcoin’s rally following Coinbase’s legal challenge from the SEC stands in stark contrast to its descent following the SEC’s Binance lawsuit on Monday.
- On-chain data from Blockware shows that small BTC addresses (<1 BTC) accumulated 2,545 BTC on Monday, meaning some investors may have bought the dip.
- By comparison, BNB and ADA posted relatively modest gains – two cryptos that were directly targeted in the Binance and Coinbase lawsuits respectively.