Bitcoin Surges Past $69,500 Amid $2.99 Billion Crypto Liquidation Wave

Crypto liquidations have reached $2.99 billion in a 24-hour period, affecting over 170,000 traders as Bitcoin and Ethereum surged during a sharp market rebound.

The majority of these liquidations, about 91.6%, were short positions that were closed due to forced selling.

Bitcoin futures contributed the most to this total, accounting for $1.42 billion in liquidations, followed by Ethereum at $1.13 billion.

This surge in liquidations was triggered by a sharp market rebound, with Bitcoin jumping above $69,500 and Ethereum reaching $2,100, its highest level since June.