$380M in Shorts Liqudated in an Hour as Bitcoin (BTC) Skyrockets to $81K

Well over 115,000 traders were wrecked on a daily scale. It was just 12 hours ago that the primary cryptocurrency struggled following the conclusion of the US midterm elections, dumping to a seven-week low of $75,600. The landscape now appears entirely different, with the asset reclaiming $80,000 and even touching $81,000 before it was stopped. The altcoins have expectedly followed suit. ETH has rocketed by more than 6% on a daily scale (and 5% hourly) to $2,440, while XRP has pushed past the $1.30 barrier. Naturally, these rapid price moves caught over-leveraged traders by surprise. Especially those with open short positions. Data from CoinGlass shows that $380 million worth of shorts have been liquidated in the past hour alone, while wrecked longs are at $90 million. The numbers on a 24-hour scale show that more than $910 million worth of both longs and shorts have been wiped out. The number of liquidated trades is above 117,000, according to CoinGlass data. The single-largest liquidated order is a whopping one. It took place on HTX, involved the ETH/USDT trading pair, and was worth a mind-blowing $38 million. Liquidation Data on CoinGlass The most likely reason for this turnarou...