Soaring Bitcoin prices liquidate $272M, pushes Tether USDT supply above 90M
During the past 24 hours, cryptocurrency traders faced liquidations totaling over $260 million as digital asset prices surged. Most of these liquidations belonged to short traders, totaling around $170 million, making it the fourth-largest sum of short liquidations in the last four months. Bitcoin traders experienced the largest losses, with short traders losing nearly $92 million as the price briefly exceeded $44,000. Ethereum traders betting against its rise faced around $35 million in liquidations. Other traders holding short positions on alternative cryptocurrencies also suffered substantial losses. Binance and OKX exchanges recorded the most significant liquidations, with short traders losing almost $110 million on these platforms. Additionally, Tether's stablecoin supply reached a new all-time high of 90 billion, suggesting improving liquidity in the crypto market and its influence on Bitcoin's price movement.
