The crypto market continues to show impressive growth, leading to mass liquidations of short positions and significant losses for traders.
Overall Liquidation Data
According to Coinglass, the crypto industry saw $748.3 million in liquidations over the past 24 hours, affecting over 130,000 traders. Short positions took the brunt of the losses.
Liquidations of Bitcoin and Ethereum Positions
Short positions experienced the largest losses, with $623.3 million liquidated in one day, of which $475 million was for Bitcoin shorts as the asset surpassed the $120,000 mark. Ethereum also faced losses, with bearish bets against ETH losing around $52.7 million.
Market Analysis and Predictions
Kraken Global economist Thomas Perfumo stated that Bitcoin's breakout from the $110,000 range signals the asset is entering new price discovery territory. Further growth is anticipated in light of improving market conditions.
The cryptocurrency market continues to demonstrate strong growth, leading to significant losses for short-term traders. Analysis indicates potential for further price increases, supported by rising institutional flows and corporate interest.
