According to data from Coinglass, the cryptocurrency market saw around $623 million in liquidations over the past 24 hours as major tokens staged a rebound.
Shares of companies with cryptocurrency on their balance sheets, such as Tom Lee’s Bitmine Immersion (BMNR) and Michael Saylor-backed Strategy (MSTR), jumped in pre-market trade on Wednesday as Bitcoin (BTC) kicked off October by rebounding to over $116,000, lifting altcoins along with it.
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At the time of writing, BTC, BMNR, XRP, ETH, and MSTR were among the top trending tickers on Stocktwits.
According to data from Coinglass, the cryptocurrency market saw around $623 million in liquidations over the past 24 hours. Most of the liquidations originated from short bets, where traders wagered that the price of cryptocurrencies would fall, totaling around $400 million. Long liquidations were around $223 million. Ethereum (ETH) experienced the largest liquidations of $159 million, followed by Bitcoin at $157 million.
Bitcoin’s price was trading at around $116,300 at the time of writing, up 3.1% in the last 24 hours. Retail sentiment around the apex cryptocurrency surged to ‘extremely bullish’ from ‘bullish’ a day ago amid ‘high’ levels of chatter, as per platform data.
Meanwhile, MSTR’s stock gained 2.28% in pre-market trade with retail chatter trending in ‘bullish’ territory among ‘high’ levels of chatter. Strategy is the largest corporate holder of Bitcoin with over 640,000 BTC in its treasury.
The largest altcoin, Ethereum, rose 3.5% in the last 24 hours. ETH’s price was trading just under $2,300 at the time of writing. Retail sentiment around the cryptocurrency was in ‘bullish’ territory amid ‘high’ levels of chatter.
The largest corporate holder of Ethereum, Bitmine Immersion, saw its stock gain nearly 4% in pre-market trade. However, retail sentiment around the company remained in ‘bearish’ territory. Data from Lookonchain sparked speculation late Monday that a new wallet likely belonging to Bitmine received more than 25,000 ETH tokens from FalconX. This came after the company reported it had more than 2.65 million tokens, worth more than $11 billion, in its treasury earlier on Monday.
Ripple’s native token XRP (XRP) also joined the rally with gains of over 3% in the last 24 hours despite the news that the company’s CTO was stepping down after a 13-year tenure. XRP’s price was trading at around $2.93 at the time of writing. However, retail sentiment around the altcoin remained in ‘bearish’ territory. XRP-holding Hyperscale Data (GPUS) gained more than 2% in the pre-market trade.
Bitcoin miners like Marathon Holdings (MARA) and Riot Platforms (RIOT) were in the green, with gains of around 1% each. Crypto exchange Coinbase (COIN) was up around 1.8%.
Read also: Dow Futures Fall As US Government Shuts Down: NKE, LAC, OXY, ARM Among Stocks To Watch
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