On October 24, 2023, Bitcoin (BTC) saw a significant 13% spike in its value, taking its price to $35,108 per unit during early morning trades, Eastern Time (ET). This surge not only bolstered Bitcoin’s value but also propelled the entire crypto market by over 10%. As a result, traders who were bearish on digital assets like Bitcoin and Ethereum found their positions rapidly declining. Astonishingly, in just one day, short positions in the cryptocurrency market totaling $323 million were wiped out.
The overall cryptocurrency market now sits at an impressive $1.3 trillion valuation, reflecting a 10% surge. Bitcoin led the way with its 13% rise, but other major cryptocurrencies also posted significant gains. Ethereum (ETH) rose by 9%, Binance Coin (BNB) increased by 5%, while both XRP and Solana enjoyed a 7% climb.
The swift rally in these digital assets led to a major fallout for those who had shorted them. According to data from Coinglass, the market saw a liquidation of $51.91 million in long positions and a massive $103 million in short positions in just half a day.
When analyzed over 24 hours, short positions amounting to $323 million were liquidated, with an additional $104 million in long positions also getting wiped. A significant portion of these liquidated shorts were in bitcoin contracts, accounting for $232 million of the total $323 million. Ethereum wasn’t far behind, with shorts worth over $64 million being liquidated, followed by Solana’s shorts at $11.4 million. Shorts from various other altcoins summed up to around $21.83 million.
In terms of trading volume, Coinglass recorded a substantial increase, with the last 24 hours seeing a 143% jump to reach $203 billion. Open interest has risen by 4.55% to almost $29.73 billion. Altogether, both long and short crypto liquidations for the day stood at a whopping $429.46 million.
