Bitcoin’s Dramatic Surge to $35,000 Erases $232M in Short Positions in Just 24 Hours

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.


How To

The best place to buy silver or gold online

You must first understand the workings of gold before you can purchase it. Precious metals like gold are similar to platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is hard to use, so most people prefer jewelry made of it to real bars of gold.

There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins are minted for circulation in a country and usually include denominations like $1, $5, $10, etc.

Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.

They are not exchangeable in any currency exchange system. A person can buy 100 grams of gold for $100. Each dollar spent by the buyer is worth 1 gram.

When looking to buy precious metals, the next thing you should be aware of is where it can be purchased. There are several options available if your goal is to purchase gold from a dealer. First, you can visit your local coin store. You can also try going through a reputable website like eBay. You can also look into buying gold online from private sellers.

Individuals selling gold at wholesale prices and retail prices are known as private sellers. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This option is often a great one for investors in gold, as it gives you greater control over the item's value.

The other option is to purchase physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. Physical gold must be kept safe in an impassible container, such as a vault.

If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank can give you a loan up to the amount you intend to invest in Gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks usually charge higher interest rates that pawn shops.

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By: Jamie Redman
Title: Bitcoin's Dramatic Surge to $35,000 Erases $232M in Short Positions in Just 24 Hours
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Published Date: Tue, 24 Oct 2023 16:30:13 +0000

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