CandleFocus Crypto Shorts Suffer $147 Million Squeeze As Bitcoin Returns Above $63,000
2024-09-20
Author: Content Editor
The cryptocurrency market has experienced a surge in liquidations following the volatility of Bitcoin and other cryptocurrencies. Bitcoin's price has responded positively to the news of the US Federal Reserve cutting back on interest rates, reaching above $63,000. This surge has also benefited the rest of the digital asset sector, with altcoins like Solana and Avalanche outperforming Bitcoin. The derivatives market has experienced chaos due to the market volatility, with over $201 million in liquidations occurring in the past 24 hours. Short contracts account for nearly three-fourths of these liquidations. This mass liquidation event, known as a "squeeze," has primarily affected short investors. Bitcoin has seen the highest amount of liquidations, followed by Ethereum and Solana.
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