Short positions compensated for 77% of the $96 million that got liquidated in the last 12 hours.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A total of $96 million worth of positions on Bitcoin got liquidated in the last 12 hours, 77% of which were short positions.
Bitcoin surge started at 3 a.m. UTC on Sept. 9, and has recorded a 10.5% increase since then. The price broke $20,000 in three hours and $21,000 in about 15 hours.
The rally began at around $19,335 and increased up to $21,374. Bitcoin is trading at $21,220 at press time.
In the meantime, liquidations kept increasing in amount. According to Coinglass, a total of $96 million in positions on Bitcoin got liquidated in the last 12 hours. CryptoSlate analysts stated that 77% of the $96 million came from short positions.
Around $38 million got liquidated in the last four hours, which comprises 40% of the total $96 million. The numbers keep increasing rapidly as Bitcoin continues its surge.
