A sector-wide digital asset rally has pushed the prices of bitcoin, ether and other top cryptocurrencies higher — upwards of 14% in the past 24 hours — and liquidated hundreds of millions of dollars worth of short positions from traders betting on a pullback.
According to Coinglass, $323 million in short positions were liquidated in the past 24 hours, compared to $103 million in long positions.
Binance accounts for the majority of the liquidations, with $141 million liquidated — 73% of which were short positions. Bitcoin (BTC) traders were by far the hardest hit, with $233 million in positions liquidated.
The liquidations come amid an industry-wide rally…
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