Crypto Markets Surge as Short Liquidations Boost Prices
Crypto markets are trading firmly in the green amidst a mixed global market scenario. The CMC Crypto Fear and Greed Index has surged to the Extreme Greed zone, reaching a level of 81, up from 78 (Greed) yesterday and 40 (Neutral) a week ago.
The surge is attributed to large short liquidations in the market, with $204 million in short positions liquidated during the past 24 hours. This combined with long position liquidations of $157 million brought the total aggregate liquidations to $361 million.
As a result, overall crypto market capitalization has increased by 2.1 percent overnight to $2.67 trillion, accompanied by a 25-percent increase in trading volumes.
Bitcoin (BTC) is currently trading at $79,666.79, up 3.2 percent on an overnight basis and gaining 24.7 percent over the course of the past week.