Crypto Traders Face $26 Million Losses as Bitcoin and Ether Break Price Barriers

Two cryptocurrency traders faced significant losses on September 21 when their short positions were forcibly liquidated. The notional value of the liquidated positions exceeded $26 million.

The largest position belonged to an address identified as '0x06bc', which had a short position in Ether (ETH) worth approximately $16.13 million at the time it was liquidated. This figure represents 5,867 ETH sold below its market value. Another trader, with the address '0xec0b', lost around $10.16 million after being forced to close their 122.88 BTC short position.

Bitcoin (BTC) crossed a key price level of $85,000 on September 21, while Ether moved above $2,750. The combination of these events led to the liquidation of the two traders' short positions.