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Bitcoin's Surge to $47,300 Results in $152 Million Loss for Crypto Futures

Bitcoin’s Surge to $47,300 Results in $152 Million Loss for Crypto Futures

Crypto Futures Market: $152 Million Liquidation Squeeze as Bitcoin Surges

The cryptocurrency futures market has experienced a significant liquidation squeeze, resulting in $152 million worth of liquidations as Bitcoin breaks past the $47,300 level. This surge in Bitcoin’s price has caused chaos in the futures market, with shorts bearing the brunt of the liquidations. Out of the total liquidations, about $115 million involved shorts, accounting for nearly 75% of the liquidations. Such mass liquidation events are known as “squeezes,” and in this case, it is a “short squeeze.” During a squeeze, liquidations can amplify the price move that triggered them, contributing to the sharp upswing in Bitcoin’s price.

Contributions to Liquidation Event

Bitcoin topped the charts with approximately $54 million worth of contracts squeezed, followed by Ethereum at $24 million. Solana had the highest amount of liquidations among altcoins at $7 million. Solana’s returns of over 4% are only second to Bitcoin’s 6% jump, which explains why it experienced more liquidations compared to other coins. Historically, squeezes like this are not uncommon due to the high volatility in the cryptocurrency sector and the accessibility of extreme leverage on many platforms.

Riskiness of Crypto Futures Market

The cryptocurrency futures market can be risky for uninformed traders due to its volatile nature and high leverage options available. It is important for traders to be well-informed and cautious when participating in this market.

Bitcoin Price Breakout

Bitcoin has finally broken past the $47,300 level, marking a significant breakthrough for the cryptocurrency.

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Bitcoin's Surge to $47,300 Results in $152 Million Loss for Crypto Futures