In an unusual twist, a bullish market shift has seen the price of Bitcoin, Ethereum, Solana, and other altcoins soaring, sending crypto liquidations north of the $630 million market.
The broader cryptocurrency market has recorded some liquidations, with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) leading with huge losses. According to the liquidation heatmap from Coinglass, short traders who placed their bets against higher crypto prices have recorded losses of more than $500 million.
Short Traders Suffer Losses From Crypto LiquidationÂ
CoinGlass confirms that 167,953 traders were liquidated at press time for $637.22 million.Â
The largest single liquidation order was seen on the leading crypto exchange Binance. Bitcoin 24-hour liquidations are at $316.97 million, with short traders bearing a significant percentage. Short traders’ losses here are capped at $300.47 million.Â
Also, Ethereum liquidation within the same time frame is $130.21 million, and again, short traders’ liquidations are valued at approximately $109.72 million. The same trend applies to XRP, SOL, SUI, DOGE, and other digital assets.
Judging by the previous low performance of the flagship BTC and many other digital currencies, some traders did not see the possibility of an uptick. Rather, they projected that the crypto market will record further price slips, hence their bets. However, this was not the case as the market made an unexpected U-turn.
Crypto Market Records Price Upticks
Amid the crypto liquidation trend, Bitcoin has recorded a shift, pushing its price to $90,000 after several weeks of staying around $80,000. At this writing, BTC traded at $94,301.21, corresponding with a 6.68% surge within the last 24 hours, per CoinMarketCap data. This price action has helped the coin cover up the losses from the past week, as it is equally 12.69% higher in the last seven days.Â
Ethereum has also seen some improvements in price, especially after it went as low as trading below $1,500. ETH is currently 10.04% higher than its previous level and is trading at $1,792.71. SOL and DOGE were left out of the price surge, as they saw 9.45% and 11.43% increases, respectively. Even Ripple-associated token XRP went past $2.2 more easily today.Â
This general uptick is attributed to the potential United States-China tariff reductions. Meanwhile, Senator Elizabeth Warren is suspicious of Donald Trump with these tariff policies, citing that they may be intentional market manipulation strategies.
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