Bitcoin Surge Triggers Over $400M in Crypto Liquidations

Crypto traders suffered nearly $400 million in liquidations as Bitcoin surged past $34.9k over the past 24 hours, according to CoinMarketCap.

The massive price surge caught many traders off guard, resulting in a significant number of short positions being liquidated.

Bitcoin shorts accounted for $177.15 million in liquidations, while Ethereum shorts saw $42.23 million worth of positions liquidated, according to data from CoinGlass.

The total short liquidations across cryptocurrencies amounted to $295.82 million, with the majority of liquidated positions anticipating further price declines.