Bitcoin Short Squeeze: BTC Bulls Wipe Out $68 Million Shorts In Last 24 Hrs
Bitcoin’ jump to $44,000 unwound an increasing number of short positions, data from Coinglass showed. The token has driven the crypto market higher amid growing adoption through the Russia-Ukraine conflict.
Is a Bitcoin short Squeeze incoming?
Data from Coinglass showed about $68 million short positions in the world’s largest cryptocurrency had been liquidated in the past 24 hours. Sentiment towards crypto improved in the past week as Western sanctions and wartime disruptions boosted adoption in Ukraine and Russia.
Long positions made up 54% of total positioning on bitcoin in the last 24 hours, while positioning in the broader market was closer to 50/50. Still, long positions on Bitcoin have been steadily building this week.
Bitcoin and other tokens raced past broader financial markets in the past week. While the token is up about 12%, the S&P 500 stock index has only added about 1.9% from last Wednesday.
Total crypto market capitalization crossed the $2 trillion mark for the first time in over two weeks, while the fear and greed index improved to neutral from extreme fear.
A total $176 million crypto shorts liquidated
Among altcoins, Ethereum’s jump to near $3000 saw nearly $43 million shorts liquidated in the past 24 hours. Luna and SOL also had some of the largest short positions wiped.
On the broader front, a total $176 million of short positions were liquidated by crypto’s rally in the last 24 hours. The largest single liquidation order happened on Okex, and was a btc-tether swap valued at $8 million.
Okex also had the highest concentration of short positions among major crypto exchanges, at about 53%.
Is Bitcoin the safest haven?
The latest rally has also fueled renewed speculation over Bitcoin’s potential role as a safe-haven asset. While the currency had faltered in the initial stages of the Russian invasion, it found its ground and has now even raced past gold in the past week.
Shorts RIP. This time there most definitively is a major safe haven bid behind bitcoin. This is not just a simple short squeeze.
— Alex Krüger (@krugermacro) February 28, 2022
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
- Breaking: CLARITY Act Advances as Senate and White House Reach Deal On Stablecoin Yields
- U.S.-Iran War: U.S. To Deploy More Troops to Middle East as Bitcoin Slips Below $70K
- Bank of America Warns of Fed Rate Hike Risk as Crypto Market Faces Pressure
- Bitget’s Daily CFD Volume Tops $6B Amid Demand for Gold, Oil Derivatives
- Why the Crypto Market Is Seeing a Relief Rally Today (March 20)
- Bittensor (TAO) Price Surges 20% After Nvidia CEO Comments
- Dogecoin, Shiba Inu, and Pepe Coin Price Prediction If BTC Holds $70k Level
- Cardano (ADA) Price Prediction Amid SEC/CFTC Policy Shift and ETF Update
- Crypto Stock to Watch As Bitcoin Price Crashed Below $70k; CRCL, COIN, MSTR, HOOD
- Why Is XRP Price Crashing Today (March 19th)
- Pi Network Price Forecast After PI Mainnet Upgrades To Protocol 20
