Crypto Shorts Suffer $147 Million Squeeze As Bitcoin Returns Above $63,000
The cryptocurrency sector has experienced significant liquidations amid market volatility, with over $201 million liquidated in the last 24 hours. Bitcoin's price has risen above $63,000 following the US Federal Reserve's interest rate cuts, marking a 5% increase and nearing August's peak. Altcoins like Solana (SOL) and Avalanche (AVAX) have outperformed Bitcoin during this rally. Approximately $147 million of the liquidations involved short contracts, indicating a short squeeze, where short investors faced substantial losses due to Bitcoin's surge. Bitcoin accounted for $78 million in liquidations, while Ethereum followed with $36 million, and Solana had $11 million. Such mass liquidation events are common in the volatile cryptocurrency market.
