Bitcoin and Ethereum Price Surge
Bitcoin and Ethereum witnessed a significant surge in prices, resulting in over $50 million in short liquidations within 24 hours. Despite the majority of liquidation volume coming from shorts, bullish positions also suffered losses, with more than $58 million in long positions liquidated. The market saw a sharp rise in early trading hours, with Bitcoin jumping from $64k to over $66k on major exchanges, while Ethereum surpassed $3,500.
Widespread Liquidations Across Digital Assets
The price spike led to widespread liquidations, as data from Coinglass revealed. Bearish bets dominated the liquidations, with Bitcoin alone experiencing over $30 million in short liquidations, and Ethereum over $21 million. Other altcoins and meme coins like Solana, Worldcoin, XRP, and Pepe also faced significant liquidations, contributing to over $155 million in liquidations in a single day.
Mixed Sentiment and Market Outlook
Crypto prices have shown an upward trend since the weekend, but analysts warn of potential sell-off pressure that could reverse the current bullish momentum. Despite some negative news affecting prices, sentiment remains positive, with net inflows increasing. Analysts predict that if Bitcoin stabilizes above $65k, it may pave the way for bulls to target new highs in the near future.
