Because the prices of Bitcoin BTC/USD and ether ETH/USD In the early hours of Tuesday, $1.65 million worth of cryptocurrency shorts were liquidated.
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What happened: BTC and ETH are up 3.1% and 4.3%, respectively, over the 24-hour period as of 1:44 a.m. EDT.
In terms of total liquidations, according to data from Coinglass, shorts worth $1.65 million were liquidated while longs worth $26,630 were liquidated in an hour.
Screenshot from Coinglass.com
At the same time, $975,710 worth of Ethereum and $309,920 worth of Bitcoin were liquidated in just one hour. Ethereum dominated liquidations at the time of writing.
Screenshot from Coinglass.com
Other notable coins that experienced severe liquidations were included XRP and Ethumb Classic (ETC).
The exchange where most of the shorts were liquidated was ok ex – where $893,220 worth of liquidations took place.
Continue reading: Bitcoin, Ethereum, Dogecoin Rise: Analyst sees this week’s Fed meeting as a “tearing the pavement” moment for Apex Crypto
