The cryptocurrency market experienced an unprecedented event on Wednesday with the liquidation of over one billion dollars in short positions in just one hour, according to Coinglass data. In total, $1.91 billion were liquidated over 24 hours, including $1.74 billion in short positions, representing 91% of the total. Bitcoin rallied 2.9% in two sessions, moving from a low of $62,679 to around $64,500, triggering a short squeeze that affected 122,988 traders. This massive purge occurred precisely at the moment of the Fed minutes release, in a context where US spot Bitcoin ETFs recorded $189 million in net inflows the previous day.
Source: Read the original article
