$BTC Large liquidations in the crypto market – short sellers wiped out overnight

What happened?

The crypto market experienced massive upheavals last night. More than 530 million dollars worth of positions were liquidated in just a few hours. Of this, about 88% were short positions — traders betting on falling prices. In total, over 115,000 traders were liquidated. The biggest hit? A massive BTC/USDT position of 51.5 million dollars vanished as Bitcoin crossed the 112,000 dollar mark, catching vulnerable bears off guard.

Why did this happen?

Bitcoin surge: BTC jumped sharply, easily surpassing key resistance levels. When it crossed the 110,000 dollar mark, a wave of stop-loss orders triggered, adding more fuel to the rally.

Soft Fed policy: Recent comments from the U.S. Federal Reserve indicated the possibility of slowing down interest rate hikes.