Crypto Bears Rekt: $359M Gone As Bitcoin, Ethereum Rebound
Bitcoin and other cryptocurrencies have experienced a significant rebound, leading to a wave of short liquidations in the derivatives market. Over the past day, liquidations exceeded half a billion dollars, with 73.7% ($371 million) attributed to short investors. This shift occurred after a ceasefire announcement between Israel and Iran, reversing previous market declines caused by US strikes on Iranian nuclear facilities. Bitcoin and Ethereum led the liquidations, with Ethereum at $168 million surpassing Bitcoin's $153 million, likely due to a larger price increase (7% vs. 3.5%). Solana and XRP followed with $29 million and $13 million in liquidations, respectively. Additionally, Bitcoin taker buy volume surged on Bybit, indicating increased long positions, which historically precede price increases. Bitcoin's price has risen to $105,100 following this recovery.
