As a seasoned crypto investor with over a decade of experience navigating the volatile waters of digital assets, I’ve learned to expect the unexpected. However, even for me, the sudden surge of Bitcoin above $64,000 and the subsequent liquidation of over $100 million in short positions was nothing short of breathtaking.
Traders who had wagered on the decline of the cryptocurrency market, expecting it to drop further, suffered losses totaling more than $100 million in the last 24 hours as Bitcoin’s value significantly increased.
On the morning of October 14th, the value of Bitcoin (BTC) surpassed $64,000, marking an increase of 2.1% over the past day. Breaking free from its constrained price movement over the weekend, Bitcoin climbed out of its range.
On TradingView, Bitcoin hit an October high of $64,173, a level not observed since September 30th.
Following a swift surge in Bitcoin’s value, I find myself cashed out from my short positions worth more than $101.4 million across various crypto markets, as per the latest data from CoinGlass.
Altogether, a total of 54,649 traders faced liquidation, resulting in over $166 million being wiped out. On that particular day, Bitcoin short positions were responsible for approximately $52.33 million of the total losses, while Ether (ETH) short positions accounted for about $27.26 million.
Bitcoin‘s significant price surge has once again increased its market control beyond 58%, approaching a level not seen since April 2021, as indicated by data from TradingView.
Experts have been discussing the potential start of what’s being called “Uptober,” since this month has shown gains in Bitcoin for nearly nine out of the last eleven years.
On October 14th, Bitcoin enthusiast Kyle Chassé shared with his 219,000 followers an exciting prediction: We’re moving into a captivating period in the market, as the currents are changing.
“The next big rally isn’t just a possibility — it’s a reality waiting to unfold,” he added.
“Pray for the bears,” onchain analyst James Check chimed in.
In the past day, Ether regained approximately $2,500, reaching a two-week peak of $2,540, marking a 2.9% increase.
Over the past day, most cryptocurrency alternatives, including Solana (SOL), have generally seen an upward trend. Specifically, Solana has increased by approximately 4.4% in the last 24 hours.
On this particular day, well-known alternative cryptocurrencies like Binance Coin (BNB), Ripple‘s XRP, and Dogecoin (DOGE) experienced modest increases of less than 1%.
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2024-10-14 08:45