‘Bears in disbelief’ — $1B in crypto shorts wiped as Bitcoin pumps
Approximately 232,149 traders have been liquidated over the past 24 hours as the crypto market rallied to new highs.
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‘Bears in disbelief’ — $1B in crypto shorts wiped as Bitcoin pumps
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Bitcoin short-sellers were pummeled on Thursday as the cryptocurrency surged to new all-time highs, resulting in more than $1 billion in short positions liquidated in 24 hours.
CoinGlass data shows that $1.01 billion in crypto short positions were liquidated, impacting 232,149 traders.
This included approximately $570 million in Bitcoin
BTC
$117,417
shorts and $206.93 million in Ether
ETH
$2,993
shorts.
Cryptocurrencies, Bitcoin Price, Markets
Bitcoin liquidations totaled $590.04 million over the past 24 hours with only $20.21 million being long positions. Source: CoinGlass
The liquidations came as Bitcoin clocked a new record high for the second day in a row — $112,000 on Wednesday and $116,500 on Thursday, while Ether surged to $2,990 on Thursday.
Shakeout triggers response from crypto industry
Crypto market capitalization has spiked 4.4% over the past 24 hours to $3.63 trillion, according to CoinMarketCap data.
“Bears in disbelief,” crypto analyst Miles Deutscher said in an X post on Thursday.
