{"id":2265,"date":"2024-11-07T12:03:04","date_gmt":"2024-11-07T12:03:04","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2265"},"modified":"2024-11-07T12:03:04","modified_gmt":"2024-11-07T12:03:04","slug":"371-million-in-crypto-shorts-sacrificed-as-bitcoin-sets-new-all-time-high","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2265","title":{"rendered":"$371 Million In Crypto Shorts Sacrificed As Bitcoin Sets New All-Time High"},"content":{"rendered":"
\n

Data shows the cryptocurrency derivatives market has suffered a large amount of liquidations following Bitcoin\u2019s rally to its new all-time high (ATH).<\/p>\n

Bitcoin Has Set A New Record Above $75,000 Today<\/h2>\n

The moment Bitcoin investors have been waiting for these past few months has finally happened, as the number one cryptocurrency has set a brand new price record beyond the $75,000 mark during the past day.<\/p>\n

The below chart shows how the asset\u2019s recent trajectory has looked:<\/p>\n

\"Bitcoin<\/p>\n

This latest bullish burst in the coin came as investors were betting big on a win for pro-crypto Donald Trump in the US presidential elections<\/a>. The results have settled now, and Trump has indeed returned to the White House for his second term.<\/p>\n

BTC hasn\u2019t been the only asset that has enjoyed this positive wave, of course, as the altcoins have also displayed rallies of their own. A lot of the alts have, in fact, put together better gains than the 8% jump that Bitcoin and Ethereum have seen in the last 24 hours.<\/p>\n

Given all that has been happening in the sector, it\u2019s not a surprise to see that the derivatives side has also been quite lively.<\/p>\n

Crypto Derivatives Market Has Just Seen $574 Million In Liquidations<\/h2>\n

According to data from CoinGlass<\/a>, a mass liquidation event has occurred in the sector during the past day. The \u201cliquidation<\/a>\u201d of any open contract occurs when its platform forcibly shuts it down after it amasses losses of a certain degree (the exact value of which can differ between exchanges).<\/p>\n

In total, $574 million worth of cryptocurrency positions have undergone this process in the last 24 hours.<\/p>\n

\"Bitcoin<\/p>\n

Out of these, almost $385 million of the liquidations have involved short contracts. This represents 67% of the total, which, while still an obvious majority, isn\u2019t quite as lopsided as during similar bullish events in the past.<\/p>\n

More than $189 million in longs still managing to get liquidated through the positive price action suggests that a lot of these positions were opened at the Bitcoin top.<\/p>\n

In terms of the contribution from the individual symbols, Bitcoin has unsurprisingly occupied the largest share with nearly $275 million in liquidations.<\/p>\n

\"Bitcoin<\/p>\n

What is a surprise, however, is Dogecoin (DOGE) coming in second ahead of Ethereum, despite the large difference between the market caps of the two. This means that the memecoin has been garnering a huge amount of speculative interest recently.<\/p>\n

These coins have only witnessed $57 million and $49 million in liquidations, respectively, though, which isn\u2019t much when compared to Bitcoin\u2019s total. Thus, the original digital asset has very much been the main focus of the market.<\/p>\n

$574 million in contracts have been flushed so far, but it appears this hasn\u2019t been enough to dissuade the speculators, as the BTC Open Interest<\/a> has only surged to a new all-time high (ATH).<\/p>\n

\"Bitcoin<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Data shows the cryptocurrency derivatives market has suffered a large amount of liquidations following Bitcoin\u2019s rally to its new all-time high (ATH). Bitcoin Has Set A New Record Above $75,000 Today The moment Bitcoin investors have been waiting for these past few months has finally happened, as the number one cryptocurrency has set a brand […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2265","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2265"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2265\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}