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
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.