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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Crypto Shorts Suffer $147 Million Squeeze As Bitcoin Returns Above $63,000

Keshav Verma
Keshav Verma
10 months ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Data shows the cryptocurrency sector as a whole has witnessed a high amount of liquidations following the volatility Bitcoin and others have gone through.

Bitcoin Has Recovered Back Above The $63,000 Level

Following the news of the US Federal Reserve cutting back on interest rates, Bitcoin has responded positively, with its price breaking above the $63,000 level.

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The chart below shows what the asset’s recent performance has looked like.

Bitcoin Price Chart
Looks like the price of the coin has been going up in recent days | Source: BTCUSDT on TradingView

The graph shows that after this 5% jump over the last 24 hours, the cryptocurrency is no longer far from reaching the highest level observed in August.

As is generally the case, the rest of the digital asset sector has also enjoyed a surge as this latest Bitcoin rally has occurred. Some of the altcoins like Solana (SOL) and Avalanche (AVAX) have even managed to notably outperform the number one coin.

A consequence of all the volatility in the market has been that the derivatives side has gone through some chaos.

Crypto Derivatives Market Has Observed $201 Million In Liquidations Today

According to data from CoinGlass, a large amount of liquidations have occurred in the cryptocurrency derivatives market during the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes after amassing a certain percentage of loss.

Here is a table that breaks down the data related to liquidations in the sector over the past day:

Bitcoin & Crypto Shorts
The liquidations in this window appear to have been dominated by the shorts | Source: CoinGlass

As displayed above, the cryptocurrency market as a whole has seen more than $201 million in liquidations during the last 24 hours. Out of these, about $147 million of the flush has involved short contracts.

This means the short investors were responsible for almost three-fourths of the total liquidations. This is natural because Bitcoin and other assets have seen a significant surge during this period.

A mass liquidation event like today is popularly known as a “squeeze.” As the latest squeeze has mainly involved the shorts, it would be called a short squeeze.

Events like these aren’t particularly rare in cryptocurrency because most coins can act volatilely and speculation is generally quite active. Compounded by the fact that many speculators aren’t afraid to touch leverage, large liquidations can easily occur.

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As for how the latest squeeze has looked regarding the contribution from the individual symbols, the heat map below reveals it.

Bitcoin & Other Cryptos
The breakdown of the latest derivatives flush by symbol | Source: CoinGlass

As is the norm, Bitcoin has topped the charts with $78 million in liquidations, more than twice the $36 million Ethereum registered in second place. Solana has seen the most liquidations of the rest at $11 million.

Featured image from Dall-E, CoinGlass.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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