Crypto Market Explodes as Shorts Get Wrecked

The cryptocurrency market has experienced a sudden surge in prices after a few days of suppressed action. Bitcoin led the pack, soaring past $80,000 for the first time since last Friday.

Many altcoins followed suit, with Ethereum jumping to almost $2,500 and BNB rocketing past $720. XRP is also performing well, having surged past the key $1.40 level.

The sharp uptick in prices has resulted in over $140 million in shorts being wrecked in just one hour, with more than $142 million coming from shorts on a daily scale.

Data from CoinGlass shows that nearly 110,000 traders have been wiped out in the past day, with the single-largest liquidation occurring on Binance, totaling over $5.2 million.