Bitcoin Shorts Crushed: $90 Million Liquidated in 24 Hours – What's Driving the Surge?
The Bitcoin market has been shaken by a massive wave of liquidations, primarily impacting short positions. In the last 24 hours, Bitcoin has witnessed a staggering $90 million worth of shorts liquidated as its price surged past the $60,000 mark. This relentless climb has been a defining feature of the recent market activity, leaving many traders on the wrong side of the trade.
Data reveals a dramatic market shift. Bitcoin (BTC) experienced this shift as its total liquidations surged, reaching around $97.06 million, with a substantial portion – a staggering $85.08 million – attributed to short positions. This far outweighs the $10.98 million liquidated in long positions, highlighting the intensity of the short squeeze.
According to Coinglass data, Nearly $100 million in bitcoin short positions were liquidated in the past 24 hours on centralized crypto exchanges. This highlights the significant impact of leverage in the current market environment. Traders using high leverage to bet against Bitcoin's price faced immense pressure as the price climbed unexpectedly.
The recent surge is not an isolated event. Even prior to this peak, Coinglass data on September 19 showed that over $69 million of leveraged shorts had been liquidated in the last 24 hours. Meanwhile, more than $13 million worth of longs were also liquidated, demonstrating the volatile nature of the Bitcoin market and the risks associated with leveraged trading.
Key Takeaways:
- $90 Million in Bitcoin shorts liquidated in the past 24 hours, fueled by a price surge.
- Centralized crypto exchanges saw the brunt of the liquidations, according to Coinglass.
- The market remains highly volatile, with both long and short positions at risk.
Stay informed about the latest Bitcoin market trends and potential liquidation events to mitigate risk and make informed trading decisions.