Bitcoin topped $80,000 for the first time in over ten days, triggering roughly $192 million in liquidations within an hour. Short sellers absorbed more than $183 million of that total.
Bitcoin topped $80,000 for the first time in over ten days. That level was last breached on September 7. The move wiped out roughly $192 million in over-leveraged positions within an hour. Shorts were responsible for more than $183 million of that figure.
Bitcoin and Ethereum lead the liquidations
BTC-linked liquidations made up the largest share of total liquidations at $119 million. Ethereum followed at $36 million. Ethereum itself seemingly reclaimed $2,550 after a 2.3% hourly jump, while XRP rose above $1.35 after a 3% increase. SOL and BNB posted slightly more modest gains over the same stretch.
A volatile week sets the stage
The rally follows a rough stretch for bitcoin. The asset slumped to $75,000 on Tuesday evening after the Senate failed to advance the CLARITY Act. It then rebounded past $76,000. More volatility followed a day later when the Federal Reserve delivered a 25-basis-point rate hike. CryptoPotato reported it was the Fed's first rate hike since July 2023.
However, the Bank of Japan raised rates to a 31-year high. That decision pushed bitcoin to just over $78,000, where it held for hours before breaking above $80,000. During prior comparable rallies, daily short-liquidation totals reached between $220 million and $280 million. This hour-long move approached that level in a fraction of the time.
Sources: CryptoPotato, Crypto Briefing
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