Cryptocurrency traders faced a wave of liquidations on Valentine’s Day as Bitcoin (CRYPTO: BTC) soared to new heights, with prices hitting $52,000—marking a two-year peak. 

What Happened: This surge led to $180 million worth of short positions being wiped out within 24 hours.

According to data reported by CoinGlass, a total of 68,831 traders experienced liquidations, with the aggregated value reaching approximately $238.89 million. The largest recorded liquidation order, valued at $10.20 million, was executed on the trading platform OKX against a Bitcoin to USDT swap.

While Bitcoin shorts constituted over $90 million of the liquidated positions, Ethereum (CRYPTO: ETH) was not far behind with shorts totaling around $40 million.

Traders in the cryptocurrency space are exhibiting signs of “greed,” as indicated by the latest readings from Alternative.me’s Crypto Fear & Greed Index. The index, which serves as a gauge for investor sentiment, has climbed to a value of 71.

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Why It Matters: The rally added $1,000 to the price of Bitcoin in just one hour, contributing to the overall cryptocurrency market capitalization’s approach toward the $2 trillion mark. Notably, Bitcoin itself surpassed a market cap of $1 trillion during this uptick.

A closer look at the market behavior was provided by the trader known as Skew, who said , “4H EMAs will provide nice & concise trend confirmations along with RSI for momentum with current trend, as well when it’s clear current momentum is lost.” 

Price Action: At the time of writing , Bitcoin was trading at $52,368, up 5.12% over the past 24 hours, as reported by Benzinga Pro.

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