Crypto Market Sees $450M in Shorts Liquidated, Bitcoin Hits 9-Month High
The crypto market is experiencing a significant recovery after a period of decline. This rebound is being driven by the liquidation of nearly $450 million in short positions across various top altcoins, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), and others.
According to CoinGlass data, the broader market saw a surge in liquidations, with a total of nearly $750 million in crypto assets being liquidated in the last 24 hours. Of this amount, almost $650 million were short liquidations, which triggered bullish sentiment and recovery in the broader crypto market.
BTC price has surged nearly 6% in the past 24 hours to hit a 9-month high of $85,299 today. The price is currently trading at $84,537, with a 58% increase in trading volume over the last 24 hours.
The reasons behind this sudden recovery are attributed to the fading sentiment of an impending Fed rate hike and hopes of an end to the US-Iran war. This has led to inflows into spot Bitcoin and Ethereum ETFs, driving prices higher. On-chain data also suggests that a bear market bottom is in, with rising social volume, large transactions, and derivatives open interest.