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Bitcoin Surge Triggers $166 Million in Liquidations

Bitcoin's rise leads to massive liquidations, with $52.5M in BTC and $28.2M in ETH positions closed as market volatility intensifies.

1 min 15 secOctober 14, 2024

Highlights:

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Bitcoin briefly hits $64,000, causing major liquidations.

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Over 54,000 traders affected, with losses exceeding $166 million.

Bitcoin Surge Triggers $166 Million in Liquidations

Bitcoin's recent surge above $64,000 has triggered a wave of liquidations in the crypto market, exceeding $166 million in just 24 hours. This significant price movement resulted in forced closures of positions held by traders betting against the market, particularly impacting short sellers.

 

 

In total, approximately 54,649 traders were liquidated, with Bitcoin shorts accounting for around $52.5 million of this total. Ethereum also saw substantial liquidations, with about $28.2 million wiped out from its positions. The largest single liquidation event during this period exceeded $9.5 million, highlighting the volatility and risk associated with leveraged trading in the cryptocurrency space.

 

 

Bitcoin reached a peak of $64,173 early on October 14, marking its highest price since late September and contributing to a renewed sense of optimism among investors. Analysts have noted that this uptick aligns with historical trends where October often brings positive returns for Bitcoin.

 

Market sentiment appears to be shifting, with some experts predicting an exciting phase ahead for cryptocurrencies. As the market adjusts to these changes, traders and investors are advised to remain vigilant amid the ongoing volatility and potential for further price fluctuations in the coming days.

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