Liquidations surge in a bullish crypto market, reaching $866 million in 24 hours.

Liquidations in the derivatives market surged to $866 million in the last 24 hours, according to CoinGlass. The rapid cryptocurrency rally, led by Bitcoin (BTC) to new 2024 highs, has left traders counting losses.

As of Friday morning, the total cryptocurrency market capitalisation rose 3.6% to $3.32 trillion, according to CoinMarketCap. The limited bilateral trade agreement, which President Donald Trump announced on Thursday, heightened the risk-on sentiment, positioning investors for extended gains.

The trade deal, which keeps a 10% tariff on British exports, modestly expands both nations' access to agricultural products and services, and reduces the strict US duties on British car exports.

Meanwhile, Treasury Secretary Scott Bessent and top trade negotiator Jamieson Greer will be in Switzerland this weekend to start trade talks with top officials representing the Chinese government.

In the last 24 hours, more than 200,000 traders have been liquidated, with the total liquidations reaching $866 million.

Of the liquidations, long positions comprised $148 million, while shorts accounted for approximately $715 million. The biggest single liquidation, amounting to $11.97 million, occurred on Binance's BTC/USDT pair.

Derivatives market liquidations data | Source: CoinGlass

Virtuals Protocol (VIRTUAL) price hovers slightly above the $2.00 level at the time of writing, down on the day as traders factor in the massive 34% surge in the last 24 hours.

The token sits on top of all the applied moving averages, including the 50-day, the 100-day, and the 200-day Exponential Moving Averages (EMAs). A buy signal from the SuperTrend indicator and the position of the Moving Average Convergence Divergence (MACD) indicator above the central line in the MACD suggest that the path of least resistance is currently upward.

Support above $2.00 is likely to encourage traders to seek exposure rather than sell VIRTUAL. The oversold Relative Strength Index (RSI) indicator at 74.54 could signal a trend reversal if it slides into the neutral territory below 70.

VIRTUAL/USD daily chart

MultiverseX's (EGLD) price trades around $19.90 at the time of writing after rallying to $21.00 in the Asian session on Friday.

Bulls have the upper hand based on key indicators such as the MACD and the RSI. The MACD holds high above the central line while the RSI indicator at 67.57 is approaching the overbought levels.

If EGLD manages to sustain itself above the 100-day EMA at $19.57, traders could keep their positions open, anticipating another rally past the 200-day EMA at $24.02 or even the next medium-term target at $30.00.

EGLD/USDT daily chart

Official Trump (TRUMP) meme coin edges higher at the time of writing, with the price up nearly 10% on the day to trade at $13.85.

A recent support around $10.00 allowed TRUMP to collect liquidity, which influenced the massive upswing that tagged the 100-day EMA at $14.54 before correcting slightly.

Optimism for a larger rally will increase as the exclusive dinner for the top 220 holders of the meme coin approaches. The dinner will be held at Trump National Golf Club in Washington, D.C., and will be attended by President Trump. A more exclusive invite has been extended to the top 25 holders of TRUMP, who will receive a “Special Tour” of the White House.

TRUMP/USDT daily chart

The TRUMP meme coin could continue towards higher levels, targeting $20.00. However, traders should remain cautious as a vast majority of the leveraged positions were liquidated during the rapid price movements.