Crypto short liquidations breach $100M as Bitcoin reclaims $64K

Crypto Traders Betting on Falling Market Liquidated for Over $100 Million as Bitcoin Surges

Bitcoin (BTC) experienced a significant upswing on Monday, October 14, rising above $64,000 for the first time this month. The price surge has resulted in over $101.4 million worth of short positions being liquidated across the crypto market, according to CoinGlass.

Short Liquidations Surge

This price surge has triggered the liquidation of 54,649 traders for a total of over $166 million. Bitcoin shorts accounted for $52.33 million of the liquidations, while Ether (ETH) shorts accounted for $27.26 million.

Market Dominance Rebounds

Bitcoin's market dominance has also increased to over 58% following the price jump, close to its highest level since April 2021.

Positive Outlook

Analysts have speculated that October could bring positive returns for BTC, given its historical trend of positive performance in nine out of the past eleven years. Some analysts are optimistic about the upcoming market phase, believing the next rally is imminent.

Ether and Altcoins Rise

Ether has also shown growth, reclaiming $2,500 and reaching a two-week high of $2,540. Most major altcoins, including Solana (SOL), BNB (BNB), XRP (XRP), and Dogecoin (DOGE), have seen modest gains.