As Bitcoin and Ether rise 8%, $95 million in shorts is liquidated

In the last 12 hours, short trades accounted for the vast majority of all liquidation losses.

As the crypto market recovered from yesterday’s support levels, more than $95 million in short positions were liquidated in the last 12 hours.

According to statistics from analytics tool Coinglass, around 88 percent of traders betting against a growth in crypto prices lost money as exchanges cancelled leveraged positions due to a partial or whole evaporation of the trader’s initial margin.

 

Short losses on OKX totaled $44 million, the largest of any crypto exchange, followed by $22 million on Binance and $11 million on Bybit, according to statistics.
Bitcoin futures were liquidated for $47.45 million in the last 12 hours, the most of any major cryptocurrency. Ether futures lost $22 million, followed by LUNA with $12 million in losses.

Cryptocurrencies with an emphasis on privacy made a rare showing. Futures trading Monero’s XMR and Zcash’s ZEC lost $1 million in the last 24 hours as the two currencies’ prices soared by up to 25%. The growth exceeded the broader market, which rose 6% during the same time period. In the European morning, bitcoin was trading at $41,000, up from $38,000 on Tuesday, as a US presidential executive order on cryptocurrencies backed “responsible innovation” in the sector. President Joe Biden is largely expected to sign the executive order on Wednesday.
Short position losses accounted for $114 million in liquidations, affecting approximately 46,700 individual trading accounts, according to data.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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