Crypto short liquidation cross $750M in 4 hours as Bitcoin reclaims $20k Crypto short liquidation cross $750M in 4 hours as Bitcoin reclaims $20k
Short liquidations hit a 3-month high as Bitcoin wipes out $356M in less than four hours
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Updated: Oct. 25, 2022 at 10:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Over $750 million in crypto shorts have been liquidated over the past 4 hours as Bitcoin reclaims $20,000.
Bitcoin and Ethereum led the liquidations, with $356.14 million and $328.18 million, respectively, wiped out. Data from Coinglass below highlights the breakdown across the cryptocurrency industry.
The liquidations mark a three-month high, as shown in the chart below. The next highest level of liquidations was long liquidations on Aug. 19, when $562 million was liquidated. The total liquidations over 24 hours on Oct. 25 totaled $790 million.
The most significant single short liquidation occurred on the Okex Exchange, where 2,000ETH was liquidated at $1,524. Ethereum is up 6% on the day as it passed $1,500 around 7 PM BST.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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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.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
