Bitcoin Surges to $81K, Wiping Out $180M in Short Positions Within Hours

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Bitcoin Embraces Fair Value Accounting: A Bullish Sign

  • Bitcoin soared to $81,000, causing $180M in short liquidations within hours.
  • Pro-crypto sentiment surged after Trump’s win, boosting retail investor interest.
  • Over 218,000 traders faced liquidations, totaling $682.7M in both short and long positions.

Bitcoin skyrocketed to a new ATH of $81K, leaving short sellers with massive losses. The sudden price surge led to $180 million in short positions getting wiped out in mere hours. Many traders, expecting a drop, faced heavy liquidations as Bitcoin continued to rise. CoinGlass data confirmed the hit to short sellers, marking a turbulent moment in the crypto market.

https://twitter.com/Cointelegraph/status/1855918391246369232?t=5wh7FPxUiLt9yF6z41kMWQ&s=19

Bitcoin’s Historic Price Rally and Market Shake-Up

Bitcoin’s recent price spike led to significant losses for short sellers, with over $67 million in positions wiped out. Those shorting Dogecoin and Ether followed, facing $23 million and $21 million in liquidations. Long positions also suffered, with nearly $256 million liquidated across various trades.

CoinGlass reported over 218,000 traders with cleared positions, totaling an astounding $682.7 million in both long and short liquidations. The surge brought Bitcoin’s price to $81,358 on Nov. 10, a 6% jump after President-elect Donald Trump’s election win. As a result, Bitcoin’s market dominance reached 59%, nearing levels not seen since 2021.

Retail investors quickly rejoined the market, driven by renewed optimism. Caroline Bowler, CEO of BTC Markets, described the spike as part of a “Trump Effect,” pointing to a 300% increase in user logins as investor enthusiasm grew.

Sentiment Swings and a Stronger Foundation

BTC Markets saw a dramatic rise in activity, reflecting renewed confidence following Trump’s victory and pro-crypto politicians’ successes. TradingView analysis confirmed the rally’s impact on Bitcoin’s market strength, with on-chain analyst James Check noting Bitcoin’s entrance into a “Euphoria zone” after breaking previous highs.

Check highlighted recent “chopsolidation” as a period that allowed investors to adjust to higher prices. The price stability through months of fluctuations created what he called “a firm foundation for launch.”

As retail investors return, Bitcoin’s latest rally demonstrates the resilience of crypto, showing the strength of market demand and the enduring excitement for Bitcoin’s future.

The post Bitcoin Surges to $81K, Wiping Out $180M in Short Positions Within Hours appeared first on Crypto News Land.

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