Bitcoin Soars to $67K: A Surge Leading to Massive Short Position Liquidations
Bitcoin’s value skyrocketed past the $67,000 threshold on Friday, marking a new high of $67,482 per coin—the highest since the previous April. This surge triggered a cascade of liquidations, wiping out nearly $45 million in leveraged short positions within a day.
$120 Million in Crypto Wagers Vanish as Bitcoin Ascends Past $67K The trend of short position liquidations in Bitcoin persists. In essence, shorting Bitcoin derivatives enables traders to amplify potential profits if the market dips. Conversely, a market rally can lead to the liquidation of these positions.
Bitcoin’s Peak at $67K Results in $45M Short Liquidations By noon Eastern Time on Friday, Bitcoin reached an intraday zenith of $67,482 per coin. The day saw the elimination of 41,829 traders, with a total of $120.07 million in positions liquidated. Among these, $80.65 million were shorts, while $39.42 million were long positions betting on a price increase. Notably, $44.89 million in Bitcoin shorts faced liquidation by 12 p.m. EDT on Friday.
Bitcoin’s Rally to $67K Incites $45M in Short Liquidations The 24-hour liquidation data, as reported by coinglass.com, shows a significant shake-up. In addition, Ethereum (ETH) shorts saw $24.01 million liquidated, Solana (SOL) shorts lost $7.37 million, and Chainlink (LINK) shorts dropped by $2.76 million. Both short and long positions in the crypto derivatives market entail substantial risk, given the market’s volatility. This week’s rapid price fluctuations in Bitcoin have led to the downfall of many short traders.
During this period, Binance experienced the majority of liquidations, with $19.3 million in losses. Okx followed with $10.33 million in liquidations. Other exchanges like Bybit, Coinex, and Bitmex also saw significant liquidation volumes.
Combined, Binance and Okx accounted for $29.63 million in liquidations, making up 66% of the day’s total liquidation volume. Amidst the volatile crypto market, Bitcoin’s recent price hike has had a profound effect on traders, underscoring the market’s inherent instability.
What are your views on the recent liquidation of Bitcoin short positions? Feel free to share your insights in the comments below.
Courtesy: news.bitcoin.com
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