Crypto Surge Triggers Record Short Liquidations

The cryptocurrency market has experienced a sudden surge, resulting in a record-breaking $2.7 billion in short liquidations.

This rapid rebound sent Bitcoin up nearly 8% and triggered one of the largest waves of short liquidations on record since 2021.

According to Coinglass data, over $1 billion in Bitcoin short positions were liquidated within an hour, underscoring the speed of the reversal that pushed the largest cryptocurrency to around $69,500, its highest point since early June and biggest gain since March.

The rally spread across digital tokens, with Ether jumping 16%, its biggest one-day gain since May last year. It climbed a further 1.5% in Asia to $2,250 on August 20.