Over $100M Liquidated in Bitcoin, Ethereum Shorts as Global Easing Cycle Begins

1 month ago 20

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Over $100M Liquidated in Bitcoin, Ethereum Shorts as Global Easing Cycle Begins

The cryptocurrency market commenced the Asian trading session bullishly, propelled by favorable occurrences and an immense short squeeze. Bitcoin (BTC) and Ethereum (ETH), the leading cryptocurrencies, soared, with over $100 million in leveraged short positions liquidated within the past 24 hours.

CoinGlass data revealed a substantial liquidation occurrence. Leveraged futures positions worth over $100 million faced forced closure during the last 24 hours, with roughly $55 million stemming from short bets on Bitcoin and $45 million from short positions on Ether. These short sellers, anticipating price declines, were caught unawares by the abrupt uptick and face considerable losses.