The post $371M In Crypto Shorts Sacrificed As Bitcoin Sets New ATH appeared on BitcoinEthereumNews.com.

Data shows the cryptocurrency derivatives market has suffered a large amount of liquidations following Bitcoin’s rally to its new all-time high (ATH). Bitcoin Has Set A New Record Above $75,000 Today The moment Bitcoin investors have been waiting for these past few months has finally happened, as the number one cryptocurrency has set a brand new price record beyond the $75,000 mark during the past day. The below chart shows how the asset’s recent trajectory has looked: The price of the coin appears to have shot up over the last 24 hours | Source: BTCUSDT on TradingView This latest bullish burst in the coin came as investors were betting big on a win for pro-crypto Donald Trump in the US presidential elections. The results have settled now, and Trump has indeed returned to the White House for his second term. BTC hasn’t been the only asset that has enjoyed this positive wave, of course, as the altcoins have also displayed rallies of their own. A lot of the alts have, in fact, put together better gains than the 8% jump that Bitcoin and Ethereum have seen in the last 24 hours. Given all that has been happening in the sector, it’s not a surprise to see that the derivatives side has also been quite lively. Crypto Derivatives Market Has Just Seen $574 Million In Liquidations According to data from CoinGlass, a mass liquidation event has occurred in the sector during the past day. The “liquidation” of any open contract occurs when its platform forcibly shuts it down after it amasses losses of a certain degree (the exact value of which can differ between exchanges). In total, $574 million worth of cryptocurrency positions have undergone this process in the last 24 hours. Looks like the liquidations from this window have been…

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Filed under: News - @ November 7, 2024 12:25 pm