Surge In Crypto Prices Leads To $275 Million Liquidations

Cryptocurrency Price Surge Causes $150M Trader Liquidations

Cryptocurrency derivatives traders experienced massive losses totalling over $300 million in the past 24 hours as digital asset prices saw a sudden and rapid surge, taking many market  traders by surprise. 

Reports from CoinGlass reveal that the majority of these liquidations amounting to around $235.04 million, targets leveraged short positions, meaning traders who had bet on that price would fall.

This marks the second largest single-day loss from short liquidations since late August.

Crypto Liquidations Over the Past 24 Hours| Source CoinGlass
Crypto Liquidations Over the Past 24 Hours| Source CoinGlass

Bitcoin (BTC) traders bore the brunt of these liquidations, with approximately $180 million wiped out, mostly affecting traders who had bet against the price.

Following closely were Ethereum (ETH) traders, who faced roughly $45 million in liquidation.

Chainlink (LINK) speculators also found themselves reeling, as over $9 million worth of LINK positions were liquidated as it reached its highest price point since May 2022 during the rally.

These liquidations occurred in tandem with Bitcoin’s rally, surging 4% and breaking through the $31,000 price level for the first time since July.

Bitcoin Current Price
Bitcoin Current Price| Source: Trading View

The mass liquidations came as most major alternative cryptocurrencies, or altcoins, joined Bitcoin in surging significantly. Chainlink’s LINK token, Polygon (MATIC), and Polkadot (DOT) logged gains ranging from 6% to 10% at one point during the 24-hour period.

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