Crypto Market Sees Record Short Liquidations as Bitcoin Surges to $69,500
The crypto market suddenly surged back to life, sending Bitcoin up nearly 8% and unleashing the biggest wave of short liquidations in records going back to 2021. According to data from Coinglass, over $1 billion of Bitcoin short positions were liquidated in about an hour on August 19.
This reversal pushed the largest cryptocurrency to around $69,500, its highest since early June and biggest gain since March. Across crypto tokens, a record $2.7 billion in bearish bets were wiped out. Bitcoin held its gains in Asia on August 20, trading around $69,450 at 1pm in Singapore.
The upswing came as US President Donald Trump met with crypto executives from firms including Coinbase Global, Payward and Blockchain.com Group Holdings at the White House, adding to optimism around an administration that has sought to promote a more industry-friendly regulatory framework for digital assets. Falling borrowing costs added another tailwind.