Traders betting on a crypto market decline were caught offside as a broad recovery in the past 24 hours saw some $200 million in shorts, or bets against price rises, getting liquidated. By shauryamalwa.
Traders betting on a market-wide decline were caught offside as a broad recovery in the past 24 hours saw some $200 million in shorts, or bets against price rises, getting liquidated.
Crypto exchange OKX took the lion’s share of these liquidations at over $128 million, followed by Binance at $42 million. Overall, the price surge saw total market capitalization increase by some 3.5% in the past 24 hours, CoinGecko data shows. Meanwhile, crypto funds such as QCP Capital see a strong breakout above $18,000 for bitcoin as a key indicator of recovery, with the next such level being $28,000. “Despite the mini-rally, BTC is still trading in an extremely tight falling wedge – with $18,000 the key breakout level to the topside,” the fund said in a Telegram broadcast last week.
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