Bitcoin’s (BTC) brief rise above $28,000 during early trading hours today led to liquidations of approximately $130 million in positions held in the crypto market.

According to data from Coinglass, the flagship digital asset saw liquidations of $55 million for traders who took positions in it in the last 24 hours.

Approximately $130 million settled

The crypto market saw $129.91 million liquidated in the last 24 hours, with more than 35,000 traders liquidated.

Data from Coinglass showed that short traders lost $104.45 million, with Bitcoin and Ethereum accounting for more than $68 million of these losses.

Source: Coinglass

Meanwhile, long traders experienced $25.46 million in liquidations. The top two digital assets were responsible for more than 50% of these losses.

Other assets like Dogecoin, BNB, Chainlink, XRP, Litecoin, and Solana experienced less than $2 million in liquidations, respectively.

Across all exchanges, the majority of liquidations occurred on OKX, Binance, and ByBit. These three exchanges accounted for more than 70% of the overall liquidations, with 99% being short positions. Other exchanges like Huobi, Deribit, and Bitmex also recorded a sizeable amount of the total liquidations.

The most significant liquidation occurred in Bitmex – XBTUSD, valued at $7.29 million.

Bitcoin Briefly Climbs Above $28k

Over the past 24 hours, BTC broke through the $28,000 level barrier, peaking at $28,432, according to data from CryptoSlate.

However, it is back to $27,960 at press time.

Source: Tradingview

Ethereum (ETH) was up 3%, while BNB was up 2%. XRP, Cardano (ADA), Dogecoin (DOGE) and others also made respectable gains during the reporting period.

The rally was fueled by news that the US government has reached an agreement on its debt ceiling. On May 28, President Joe Biden described the agreement as a “compromise” and a “significant step forward that reduces spending while protecting critical programs for workers and growing the economy for all.”

In a note shared with CryptoSlate, Matrixport Principal Researcher Markus Thielen claimed that the debt ceiling deal means market skeptics will need new reasons to maintain a bearish outlook. He added:

“Many investors were scared by the debt ceiling and possible default by the US government, although the probability of such an event is extremely low. Now, they will have to find something else to be bearish about as the market is likely to go higher.”

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