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Bitcoin Eyes $72,000 As Crypto Short Liquidations Pass The $3 Billion Mark
CoinGlass said nearly 172,108 traders were liquidated as shorts made up $2.47 billion of the nearly $3 billion total.
- Bitcoin surged nearly 8% on Aug 19, triggering a record wave of forced short liquidations totaling nearly $2.7 billion across 172,108 traders and pushing the cryptocurrency to above $69,100.
- Bearish positioning had piled up for months as prices descended to the low US$60,000s, setting the stage for an abrupt snapback once buyers regained confidence in the market.
- Treasury Secretary Scott Bessent announced yesterday the Treasury Department is "increasing, by at least double, the size of liquidity support buyback operations," while President Donald Trump met crypto executives at the White House.
- Ether jumped 16%, while Bitcoin spot exchange-traded funds recorded $517 million in net inflows on Aug 19, and shares of Coinbase Global jumped 10% alongside Circle Internet Group.
- Bitcoin surpassed its 100- and 200-day moving averages as traders eye the $70,000 to $75,000 region; "The move... suggests buyers are regaining confidence," said Axel Rudolph, chief technical analyst.
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Bitcoin’s Sudden Surge to $70,000: Treasury Move Sparks Short Squeeze and Institutional Demand
Bitcoin leaped nearly 6% in a single session this week. It brushed past $69,000 and flirted with $70,000. The move caught many off guard. After months of grinding lower from last year’s peaks, the cryptocurrency suddenly found buyers in force. Traders rushed to cover bearish bets. Shorts lost more than $2.7 billion in a matter of hours, according to data cited across trading platforms. One burst of buying alone topped $700 million in a single mi…
Coverage Details
Total News Sources22
Leaning Left0Leaning Right2Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
C 60%
R 40%
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