Source: Quantify Crypto, liquidations across the cryptocurrency market in the last 24 hours totaled $719.05 million, with 131,575 traders liquidated.
However, the recent rally has had a particularly negative impact on short traders. In the last 24 hours, liquidated short positions represented 62% of total market liquidations, data from Coinglass showed.There’s no denying that the crypto and traditional finance markets share a close correlation. The recent rally in the crypto market could be attributable to the fact that all major indexes closed the just-concluded trading week on a positive note for the first time since November.
On 13 January, after starting the day by booking significant losses, all major indexes managed to recover and close in the green. The Dow Jones Industrial Average increased by 0.33%. The S&P 500 also rose by 0.40% to 3,999.09, and the Nasdaq Composite gained 0.71% to reach 11,079.16., the recent rally resulted in the S&P and Nasdaq both having their second consecutive positive week and best weekly performance since November. The Nasdaq had the highest weekly increase at 4.82%.
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