Bitcoin Rally Liquidates $300 Million Worth of Short Crypto Positions

Bitcoin (BTC) and other digital assets have witnessed a strong comeback in the past few days after suffering a major correction in the last eight months. As a result, bearish crypto traders took a substantial hit as more than $300 million worth of short crypto trading positions have been liquidated in the last 24 hours.

According to Coinglass, a large percentage of liquidations have happened across the Ethereum network as the world’s second most valuable digital asset touched a high of $1,770 on Thursday, which is its highest level in almost seven weeks. Approximately $150 million worth of short ETH positions has been liquidated within the past 24 hours. Bitcoin came in the second spot with liquidations of $45 million worth of short trading positions.

Overall, 114,070 crypto trading positions have been liquidated in the last 24 hours. The largest single liquidation order happened on Bitfinex. In addition to Bitcoin and Ethereum, digital assets like Ethereum Classic, Solana, Shiba Inu and Cardano saw major volatility yesterday.

Bullish Sentiment

The crypto market cap has jumped by more than $100 billion in the past few days. The latest spike on Thursday added almost $50 billion to the overall market value of digital currencies.

Commenting on the developments across the crypto market, Ben Small, an Analyst at GlobalBlock, said: "BTC rebounded back above the $23k mark placing the market leader comfortably within its higher ranges of the last 6 weeks. ETH has jumped by as much as 13% since the announcement hitting the mid $1,7k, a level it has struggled to break since early June too. Defi tokens have also responded strongly, with Aave establishing its price above the $92 mark (almost a 40% rise in the month of June) and Uniswap climbing by 21%.”

Currently, Bitcoin is trading near $23,900 while Ethereum is hovering at around $1,730.