Crypto Breakout Triggers $180M in Liquidations, Solana Tops Gains Amid ETF Optimism

By: Isha Das

The crypto industry witnessed over $180 million in liquidations between Dec. 20 and Dec. 21 as Bitcoin's price broke the $44,000 barrier, pulling the rest of the market upward. Short traders lost $105 million during the last 24 hours, while those betting on the continued market rally lost about $76 million. Meanwhile, Ethereum speculators were liquidated for a total of $38 million.

During the same period, Solana's price broke past the $80 barrier, rallying by 13% to a high of $86, making it one of the leading gainers in the recent crypto breakout. Traders holding positions against SOL price increases lost more than $11 million. Solana's upward price movement catapulted it to the fifth-largest cryptocurrency by market capitalization.

On the regulatory front, hopes for the approval of a Bitcoin ETF remain high as the U.S. Securities and Exchange Commission (SEC) held recent meetings with BlackRock and Grayscale. Moreover, ETF applicants like Bitwise have launched various campaigns to stir anticipation and interest in the market.