In just 24 hours, a significant shakeup in the crypto market led to $114.92 million in liquidations, mostly in short positions. Major exchanges like OKX, Binance, and Huobi were hardest hit, but why? Bitcoin was the major player in these liquidations, but the tables are turning. After languishing below $27,000 for over a month, Bitcoin is making a surprising move, aiming for the $28,000 mark... Is this a fluke or the start of a trend? With traders becoming increasingly optimistic, the market is showing a shift in sentiment... But will it last?
Bitcoin’s surge to $28k leads to $114M in liquidations in 24 hours Bitcoin’s surge to $28k leads to $114M in liquidations in 24 hours
Bitcoin's ascent stuns short sellers causing over $97 million in liquidations in a day.
3 min read
Updated: Oct. 2, 2023 at 3:10 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.