Close Menu
    Bitcoin

    Crypto short liquidations breach $100M as Bitcoin reclaims $64K

    By No Comments2 Mins Read

    30s Summary

    Over $100 million in short positions were wiped out across the cryptocurrency market after Bitcoin’s price rose by 2.1%, reaching above $64,000. Bitcoin shorts alone accounted for $52.33 million of the losses. The surge also increased Bitcoin’s market dominance to over 58%, the highest since April. Other cryptocurrencies like Ether also benefited, climbing back to $2,500 and even reaching a two-week high of $2,540. Altcoins like Solana saw increases of 4.4%, while BNB, XRP, and Dogecoin saw smaller increases of less than 1%.

    Full Article

    Folks who were betting on the crypto market to tank just got a nasty surprise. They’ve lost over $100 million in the past day because Bitcoin’s price shot up. Early Monday, Oct. 14, Bitcoin jumped above $64,000, a 2.1% increase in the last 24 hours.

    TradingView data shows Bitcoin maxed out at $64,173, the highest it’s been this October. This brings it back to levels we last saw at the end of September. Because of this unexpected price rise, more than $101.4 million in short positions were cleared out across the crypto market, according to CoinGlass.

    In total, 54,649 traders were wiped out for over $166 million. Bitcoin shorts made up $52.33 million of that, followed by Ether shorts at $27.26 million.

    This leap in Bitcoin’s price also increased its market dominance to above 58%. That’s almost the highest it’s been since April 2021, according to TradingView.

    People have been guessing when “Uptober” would kick in, since Bitcoin usually sees positive returns in October. Crypto enthusiast Kyle Chassé told his 219,000 followers that we’re heading into one of the most “exciting phases of the market.”

    “The next big rally isn’t just a possibility — it’s a reality waiting to unfold,” he said. Onchain analyst James Check added, “Pray for the bears.”

    In the meantime, Ether has also been doing well, climbing back to $2,500 and even reaching a two-week high of $2,540 after a 2.9% gain in the last 24 hours.

    Other altcoins have also had a good day. Solana, for one, is up 4.4% over the past 24 hours. On the other hand, major altcoins like BNB, XRP, and Dogecoin, have seen smaller increases of less than 1% on the day.

    Source: Cointelegraph

    Related Posts