Ethereum Price Surges 8.5%, Triggers Record Short Liquidations

Ether (ETH) experienced a significant surge in price, rising 8.52% over the past 24 hours to briefly touch $2,300 before trading around $2,265.

This sharp rally triggered a wave of short liquidations across the crypto market, with total liquidations reaching $802.98 million over the past four hours.

Of this total, $736.53 million came from short liquidations, accounting for about 92% of the total.

The large-scale short liquidations could potentially fuel a short squeeze that further boosts prices in the near term, according to market analysts.