Bitcoin Soars Past $81K, Wipes Out $544M in Shorts
Bitcoin's recent surge to $81,000 has led to significant losses for traders who had bet against the cryptocurrency. According to CoinGlass, a total of $544.85 million in leveraged crypto bets were closed out in the last 24 hours.
The majority of these liquidations were shorts, with short liquidations totaling $456.44 million compared to long liquidations of $88.42 million. This suggests that many traders had taken on excessive risk by betting against Bitcoin's price increase.
The decline in US Dollar Index (USD) and the sharp drop in USD/JPY are seen as contributing factors to Bitcoin's rally. The USD fell 0.58% to 99.001, while USD/JPY plummeted nearly 2.5% over 24 hours, sparking speculation about major intervention by Japanese authorities.
Bitcoin's price has increased by 3.98% in the last 24 hours, reaching $80,879 at the time of publishing.