Crypto liquidations reached $974.80 million in 24 hours as the market climbed. Most of the losses fell on traders who had bet on further declines, Coinglass data shows.
Bitcoin’s (BTC) price rose 4.64% over 24 hours to $80,480, according to BeInCrypto Markets. The cryptocurrency now sits just above $80,000, a level it has struggled to hold since late-October.
How Short Sellers Ended Up Carrying the Crypto Liquidations
The short squeeze coincided with a slide in US crude oil after Democrats won control of Congress, BeInCrypto reported.
Short positions made up $575.48 million, or 59%, of the 24-hour total on Coinglass. Long positions lost $399.32 million over the same window.
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