On Thursday, Bitcoin's price skyrocketed to unprecedented levels, leading to the liquidation of over $1 billion in short positions within just 24 hours, according to CoinGlass. This event affected 232,149 traders, with approximately $570 million in Bitcoin shorts and $206.93 million in Ether shorts being liquidated. Bitcoin reached record highs of $112,000 on Wednesday and $116,500 on Thursday, while Ether climbed to $2,990. The overall crypto market capitalization increased by 4.4% to $3.63 trillion. Analyst Miles Deutscher remarked on the disbelief among short-sellers, while trader Daan Crypto Trades described the situation as a “MASSIVE Short squeeze.” Despite earlier skepticism from some analysts regarding Bitcoin's ability to maintain its momentum, others remained optimistic about a potential breakout. Currently, about $2.11 billion in long positions could be at risk if Bitcoin's price falls back to Wednesday's level. This article does not provide investment advice, and readers are encouraged to conduct their own research. Read more AI-generated news on: https://app.chaingpt.org/news

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