Crypto Short Liquidations Surpass $100 Million
14 Oct, 2024 ● Coin news
Crypto derivatives traders who had wagered on a market downturn have faced liquidations exceeding $100 million in the past 24 hours as the price of Bitcoin surged.
Bitcoin rose above $64,000 early on Oct. 14, marking a 2.1% gain over the previous 24 hours and breaking out of the narrow trading range seen over the weekend.
According to TradingView, Bitcoin peaked at $64,173, its highest level so far in October, reaching heights last seen on Sept. 30.
Due to Bitcoin’s sharp price increase, over $101.4 million in short positions were liquidated across the crypto market, based on data from CoinGlass.
In total, 54,649 traders were liquidated for more than $166 million, with Bitcoin short positions accounting for $52.33 million of the daily total, followed by Ether shorts at $27.26 million.
Bitcoin’s significant price movement also drove its market dominance above 58%, nearing its highest level since April 2021, according to TradingView.
Analysts had been anticipating when the so-called "Uptober" would begin, as October has historically delivered positive returns for Bitcoin in nine of the past 11 years.
Bitcoiner Kyle Chassé told his 219,000 followers on X on Oct. 14 that “the tides are shifting,” and we are entering 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 added.
Onchain analyst James Check also weighed in, saying, “Pray for the bears.”
Meanwhile, Ethereum reclaimed the $2,500 mark, reaching a two-week high of $2,540 after a 2.9% increase in the last 24 hours.
Most altcoins have also been in the green, with Solana gaining 4.4% over the past 24 hours. High-cap altcoins like XRP and Dogecoin saw more modest gains, both under 1%.
Sources:
https://cointelegraph.com/news/crypto-shorts-100-million-liquidated-bitcoin-gains
https://www.coinglass.com/LiquidationData
https://www.tradingview.com/symbols/BTC.D/
