Bitcoin’s spike above $93k wipes out shorts, $652M liquidated across the market

Shorts accounted for half of the losses seen in the past 24 hours as Bitcoin's surge past $94,000 leads to mass liquidations.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

As Bitcoin's latest price rebound sent shockwaves across the crypto trading landscape, an unexpected liquidation sweep erased $652.84 million, leaving 172,948 traders in its wake. At the heart of this turmoil was a startling statistic: nearly 95% of Bitcoin liquidations were shorts, predominantly concentrated on platforms like Bybit, HTX, and Gate.io. But what triggered this massive shake-out, and how did a sudden macroeconomic shift play a pivotal role in this dramatic market turn? Discover the unexpected catalyst that left traders scrambling...