Key Points
- Bitcoin and Ethereum experienced over $50 million in short liquidations in the past 24 hours as prices hit multi-week highs.
- A total of over $155 million was liquidated in the market within 24 hours, with shorts accounting for more than $94 million.
Bitcoin and Ethereum have seen a significant surge in prices, leading to over $50 million in short liquidations within the past day.
In addition to shorts, bullish bets also took a hit, with more than $58 million in long positions liquidated across the market.
Market Performance
The market experienced a sharp rise in the early hours of Wednesday. Bitcoin (BTC) leapt from lows of $64k to above $66k on major exchanges, while Ethereum (ETH) surpassed $3,500.
This price increase resulted in widespread liquidations, according to data from Coinglass. Bearish bets made up the majority of liquidations across many digital assets.
Breakdown of Liquidations
Bitcoin alone accounted for over $30 million in short liquidations, with Ethereum following closely with more than $21 million. Other top altcoins and meme coins also saw significant liquidations. Solana had over $4 million, Worldcoin more than $4.9 million, and XRP over $4.5 million in short positions liquidated. Meme coin Pepe also saw over $2.9 million in short liquidations due to rising prices.
At the time of writing, the market recorded over $155 million in liquidations in 24 hours, with shorts making up more than $94 million.
Market Outlook
Cryptocurrency prices have generally been on the rise since the weekend, a trend observed by Bitfinex analysts over the past two months. However, they warned that prices might drop during the week due to ongoing sell-off pressure. This was evident on Tuesday when Bitcoin and Ethereum traded lower following news related to Mt. Gox, allowing bears to push prices down.
Despite this, the overall sentiment remains positive, and net inflows are consistent. Crypto analyst Michael van de Poppe suggests that if Bitcoin stabilizes above $65k, it could pave the way for bulls to aim for a new high.
