The crypto market liquidated short and long positions worth over $100 million in the last 24 hours following a brief rise of Bitcoin to $31,000, marking its first such increase this year.
Short traders suffered greatly as the BTC price surge of the past week dashed their expectations of further cryptocurrency price declines amid regulatory pressures.
Over $140M Liquidated
According to Coinglass data, out of the $141.71 million liquidated in the past 24 hours. The short positions account for $87.1 million. The largest liquidation occurred on Binance and was valued at $3 million.
Bitcoin alone accounted for $55.89 million of the total liquidations. Other cryptocurrencies such as Ethereum, Bitcoin Cash, Pepe, and Litecoin also recorded a sizeable amount of losses for investors trading them.
While shorts constituted most of the liquidated positions, long positions were also substantially liquidated. Crypto assets like SOL, XRP, CFX, and Doge witnessed a higher number of liquidated long positions. This suggests that some traders overshot their projections of a future rise in price for these assets.
Author: Oluwapelumi Adejumo
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