Bitcoin Surges Past $68,000, Triggering Billions in Crypto Liquidations
Bitcoin Surges Past $68,000, Triggering Billions in Crypto Liquidations
Bitcoin (BTC) has experienced a significant price rally, pushing past the $68,000 mark. This upward movement led to a massive wave of liquidations across the broader crypto markets, totaling $1.93 billion in leveraged bets. The overwhelming majority of these liquidations, $1.75 billion, targeted traders who had placed short bets against the market, indicating strong bullish momentum for BTC.
Traders betting against Bitcoin and the crypto markets are getting liquidated as BTC’s price pushes higher. In the last 24 hours, a total of $1.93 billion in leveraged crypto bets have been liquidated, according to the market data tracker CoinGlass. The vast majority of the liquidations hit traders going short, coming in at $1.75 billion.