Bitcoin Price Surge and Massive Short Liquidations Shake Cryptocurrency Market
Tuesday, 21 May 2024, 11:59
Bitcoin Price Surge and Short Liquidations
Bitcoin's total liquidations soared to $97.06 million due to a sudden price increase, wiping out $85.08 million in short positions.
The surge in price caused over $260 million in market-wide short liquidations, the highest since February 28th.
Market Momentum and Exchange Reserves
Bitcoin's price surge of 5% resulted in a trading volume spike by 138%, reflecting bullish sentiment. Exchange BTC reserves hit a seven-year low, indicating investors' move to personal wallets.
- This behavior suggests long-term hodling strategy among investors.
- Reduced selling pressure and increased scarcity may drive prices up.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.