A sudden spike in Bitcoin's price caused significant cryptocurrency liquidations, reaching almost $300 million in 24 hours.

Details on Crypto Liquidations

Data from Coinglass indicated that on October 14th, crypto liquidations reached nearly $240 million. Short positions were the most affected, with around $206 million liquidations, while long positions accounted for approximately $35 million.

Bitcoin’s Influence

The price increase in Bitcoin triggered a wave of liquidations, particularly impacting short positions. On October 14th, Bitcoin liquidations totaled over $94 million, with short positions accounting for $89 million. In the next session, short liquidations fell to nearly $50 million, while long liquidations increased to $27 million.

Current Market Analysis

The more than 5% jump on October 14th caused substantial short position liquidations of over $200 million. The next day, Bitcoin maintained its upward momentum, posting a 1% increase, leading to the liquidation of long positions. At the time of writing, Bitcoin was trading in the $67,000 price range, further complicating the liquidation trends in the market.

The recent surge in Bitcoin's price significantly impacted the cryptocurrency markets, leading to massive liquidations, particularly affecting short traders.