CandleFocus Sudden Bitcoin Price Spike Pushes Crypto Liquidations to $285 Million
2024-10-15
Author: Content Editor
The price of Bitcoin briefly reached $68,000 before quickly plummeting, causing losses for both traders betting on the asset to go down and those betting on the price to go up. Short positions worth $130 million were liquidated across all cryptocurrencies, but long position liquidations surpassed shorts, totaling about $285 million in losses over the past 24 hours. Bitcoin's rise coincided with significant investments in newly-approved exchange-traded funds (ETFs) tied to the coin. Ethereum also experienced a spike in price, reaching a high of $2,677 before dropping to $2,560. Analysts believe that all cryptocurrencies could benefit from a Republican presidency, as former President Donald Trump has expressed support for crypto.
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