Bitcoin Soars by 13% in Early Morning Trading
On October 24, 2023, bitcoin (BTC) experienced a significant surge of 13% during the early morning trading hours, Eastern Time (ET). This rapid rise propelled bitcoin's value to $35,108 per unit, causing the entire cryptocurrency market to increase by over 10%. Traders who had bet against cryptocurrencies like bitcoin and ethereum found themselves in a difficult position as the market soared. Within just 24 hours, an astonishing $323 million in crypto short positions were eliminated.
Market Rally Liquidates $427M in Short and Long Stakes
The cryptocurrency market's overall value currently stands at an impressive $1.3 trillion, reflecting a 10% increase. BTC's value rose by 13% in the past day. Other major cryptocurrencies also experienced notable gains, with ETH surging by 9%, BNB ascending by 5%, and XRP and Solana both recording a 7% hike.
These rapid price escalations have caught those who shorted top cryptocurrencies off guard, as their positions vanished amidst these impressive and swift rallies. Recent data from Coinglass reveals that in the last 12 hours, the market witnessed the liquidation of $51.91 million in long positions and a substantial $103 million in short positions.
Significant Losses in Short Positions
Breaking down the 24-hour statistics, short positions worth $323 million were completely wiped out, while an additional $104 million in long positions also faced a similar fate. Notably, out of the total shorts liquidated, bitcoin contracts accounted for a significant portion, amounting to $232 million out of the $323 million total.
Ethereum (ETH) also experienced over $64 million in shorts liquidated, while Solana (SOL) shorts totaled around $11.4 million. Additionally, shorts from various alternative crypto tokens amounted to approximately $21.83 million.
Coinglass data also highlighted a surge in trading volume, reaching $203 billion in the past 24 hours, a 143% increase from the previous day. Open interest now stands at nearly $29.73 billion, up 4.55%. Overall, the last day saw crypto liquidations totaling an astounding $429.46 million across both long and short positions.
What are your thoughts on the elimination of speculative bets in the past 24 hours? Feel free to share your opinions and insights in the comments section below.
CFTC
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
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By: Jamie Redman
Title: Bitcoin's Dramatic Surge to $35,000 Erases $232M in Short Positions in Just 24 Hours
Sourced From: news.bitcoin.com/bitcoins-meteoric-rise-to-35000-erases-232m-in-short-positions-in-just-24-hours/
Published Date: Tue, 24 Oct 2023 16:30:13 +0000
