Crypto Traders Suffer Short Liquidations as Bitcoin Hits 3-Month High Over $31K

Crypto derivatives traders have suffered losses more than $298 million in the last 24 hours as digital asset prices skyrocketed.
Crypto Traders Suffer Short Liquidations as Bitcoin Hits 3-Month High Over $31K

Cryptocurrency derivatives traders lost approximately $298 million in the last 24 hours as digital asset values surged unexpectedly, catching many market participants off guard.

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Crypto Liquidations Over the Past 24 Hours| Source CoinGlass

According to CoinGlass, the majority of these liquidations, totaling roughly $235.04 million, target leveraged short positions, implying that traders who gambled on the price will fall. Since late August, this is the second-largest single-day loss from short liquidations.

Bitcoin (BTC) traders took the brunt of these liquidations, with around $180 million lost, largely by traders who had bet against the price. Following closely behind were Ethereum (ETH) traders, who experienced a $45 million loss.

Chainlink (LINK) speculators were similarly caught off guard, as over $9 million in LINK holdings were liquidated as the stock reached its highest price point since May 2022 during the rise. These liquidations coincided with Bitcoin’s gain, which saw it surge 4% and burst through the $31,000 price threshold for the first time since July.

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Bitcoin Current Price| Source: Trading View

The massive liquidations occurred when most major alternative cryptocurrencies, or altcoins, surged alongside Bitcoin. Chainlink’s LINK token, Polygon (MATIC), and Polkadot (DOT) all saw gains of 6% to 10% throughout the 24-hour timeframe.

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