Bitcoin’s surge to $28k leads to $114M in liquidations in 24 hours

Bitcoin’s ascent stuns short sellers causing over $97 million in liquidations in a day.

Cover art/illustration via CryptoSlate

In just 24 hours, a significant shakeup in the crypto market led to $114.92 million in liquidations, mostly in short positions. Major exchanges like OKX, Binance, and Huobi were hardest hit, but why? Bitcoin was the major player in these liquidations, but the tables are turning. After languishing below $27,000 for over a month, Bitcoin is making a surprising move, aiming for the $28,000 mark… Is this a fluke or the start of a trend? With traders becoming increasingly optimistic, the market is showing a shift in sentiment… But will it last?