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Home»TRADING NEWS»Cryptocurrency Shorts Under Pressure by $147 Million as Bitcoin Breaks $63,000
TRADING NEWS

Cryptocurrency Shorts Under Pressure by $147 Million as Bitcoin Breaks $63,000

By Crypto FlexsSeptember 20, 20243 Mins Read
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Cryptocurrency Shorts Under Pressure by 7 Million as Bitcoin Breaks ,000
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According to the data, the entire cryptocurrency sector has seen a lot of liquidations following the volatility experienced by Bitcoin and other cryptocurrencies.

Bitcoin has recovered above $63,000 levels.

Bitcoin reacted positively to news that the U.S. Federal Reserve was cutting interest rates, with the price breaking through the $63,000 level.

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The chart below shows the asset’s recent performance.

Bitcoin Price ChartBitcoin Price Chart

According to the graph, with a 5% jump in the last 24 hours, the cryptocurrency appears to be not far from reaching the highest levels observed in August.

As is typical, the rest of the digital asset sector has also enjoyed a surge as this recent Bitcoin rally has taken place. Some altcoins, such as Solana (SOL) and Avalanche (AVAX), have managed to significantly outperform the leading coin.

As market volatility increased, so did the turmoil in the derivatives sector.

The cryptocurrency derivatives market witnessed $210 million in liquidations today.

According to data from CoinGlass, there have been a significant number of liquidations in the cryptocurrency derivatives markets over the past 24 hours. Liquidation here refers to the forced closure of all open contracts after accumulating a certain percentage of losses.

Here’s a table analyzing data related to liquidations in the sector over the past day:

Bitcoin & Crypto ShortsBitcoin & Crypto Shorts

As shown above, the entire cryptocurrency market has experienced over $201 million in liquidations in the last 24 hours. Of these, approximately $147 million of the flush is related to short contracts.

This means that short sellers were responsible for nearly three-quarters of all liquidations, which is not surprising since Bitcoin and other assets saw significant gains during this period.

Mass liquidation events like today’s are commonly known as “squeezes”. Recent squeezes have been primarily short-related, so they will be called short squeezes.

Such incidents are not particularly uncommon in cryptocurrencies, as most coins are highly volatile and speculation is generally very active. Combined with the fact that many speculators are not afraid to touch the leverage, large liquidations can easily occur.

The heat map below shows how recent compression has manifested itself in relation to the contributions of individual symbols.

Bitcoin and other cryptocurrenciesBitcoin and other cryptocurrencies

Bitcoin topped the charts with $78 million in liquidations, more than double the $36 million for Ethereum, which came in second. Solana had the most liquidations of the rest, with $11 million.

Source: NewsBTC.com

Cryptocurrency Investment Risk Warning

Cryptocurrencies are highly volatile. Your capital is at risk.
Don’t invest unless you are prepared to lose all your money.
This is a high-risk investment and you should not expect any protection if something goes wrong.

Please read the full disclaimer

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