Bitcoin and Ethereum saw over $50 million in short liquidations as prices surged to multi-week highs. This occurred within the last 24 hours, with Bitcoin jumping to above $66k and Ethereum rising above $3,500.
Despite the surge, long positions also suffered, with more than $58 million in long liquidations across the market. Coinglass data revealed Bitcoin had over $30 million in short liquidations and Ethereum over $21 million.
Top altcoins and meme coins were also affected. Solana saw over $4 million, Worldcoin more than $4.9 million, and XRP over $4.5 million in short liquidations. Meme coin Pepe faced over $2.9 million in short liquidations amid rising prices.
Analysts note that despite a possible mid-week price flip due to sell-off pressure, sentiment remains positive with consistent net inflows. If Bitcoin stabilizes above $65k, it may pave the way for new highs, potentially reaching $100K in the future.
The broader market implications highlight a trend of significant liquidations influencing price dynamics, emphasizing the importance of market stability.
