Traders betting against Bitcoin and cryptocurrency markets are being liquidated as Bitcoin price rises above $80,000.
In the past 24 hours, a total of $375.02 million worth of leveraged cryptocurrency bets were liquidated, according to a market data tracker. Queen Glass.
The vast majority of liquidations hit short traders, amounting to $304.96 million.
Bitcoin led the sweep with $160.8 million liquidated, almost all from short positions. Ethereum came in second place at $84.7 million, and was also dominated by short trades.
More than 98,000 traders were forced out.
Bitcoin is now trading at $80,416, up nearly 3% in the past 24 hours.
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