Bitcoin retreated towards $40,000, while the market cap recovered $30 billion

Bitcoin’s price has reclaimed the $40,000 threshold after trading below the mark for the past two days.

According to Crypto Slates According to data, the major cryptocurrency rose around 4% over the past 24 hours, peaking at almost $40,500 today, January 24, before rebounding slightly to $39,997 at the time of writing.

Experts have attributed BTC’s poor performance during this period to selling pressure from the derivatives market. However, CryptoSlate Insight identified a significant increase in the activity of the major currency whales, indicating that this cohort was buying even as the price fell below $40,000.

Meanwhile, the price gain allowed Bitcoin’s market cap to rise by about $30 billion to $785 billion during reporting hours.

Likewise, Bitcoin’s improving fortunes caused a general trend reversal for the crypto market, with several large-cap alternative cryptocurrencies including Ethereum, Solana and XRP reporting significant gains during the reporting period.

The broader crypto industry is up 3.26% to $1.56 trillion in the past 24 hours.

Nearly $160 million liquidated.

Mint glass facts reveals that significant market turmoil has liquidated $156 million from 55,036 traders over the past day.

Short traders – those who speculated on price declines – suffered losses totaling $83.77 million, while their long counterparts, who showed more bullish sentiments, suffered losses totaling $72.48 million.

Bitcoin led to liquidations worth a significant $51.22 million. The turnaround in asset prices caused short traders to lose $35.25 million, while long traders suffered a setback of $15.97 million.

Ethereum traders were not spared, recording losses of $41.45 million, with $24.5 million attributed to long trades and $16.95 million to shorts. Notable is the largest single liquidation event: a $3.69 million short position on ETHUSDT, which took place on the Binance platform.

In addition to the major cryptocurrencies, traders involved in Solana, Sui Protocol and Ordinals also suffered losses, which amounted to $8.99 million, $4.1 million and $3.80 million respectively.

When examining the distribution of liquidations across exchanges, Binance dominated, with the highest trading volume, with a share of 45.31%, closely followed by OKX with 33.26%. Binance and OKX have witnessed liquidations of $72.23 million and $53.03 million respectively.