Bitcoin Surges Past $80,000, Wiping Out Over $140 Million in Shorts
The crypto market has experienced a sudden and sharp uptick in price action, with Bitcoin (BTC) leading the charge. After struggling to hold above $77,000 just 24 hours ago, BTC has surged past $80,000 for the first time since last Friday. This rapid rise has caused over $140 million in shorts to be liquidated in a single hour.
Many altcoins have followed suit, with Ethereum (ETH) gaining nearly 2.6% in the past 60 minutes and XRP increasing by 9% on a daily scale. BNB has also seen significant gains, breaking above $720.
Data from CoinGlass shows that over $157 million in positions have been liquidated in the past hour, with shorts responsible for over $142 million of this total. On a daily basis, more than $400 million in positions have been liquidated, with shorts accounting for nearly $315 million.