After experiencing sharp fluctuations recently, the cryptocurrency market saw another dramatic reversal late tonight (8th). Driven by strong buying, Bitcoin (BTC) shook off the gloom and broke through the $64,000 mark; at the same time, Ethereum (ETH) followed suit and successfully climbed back above $1,700.
More than 100,000 people across the internet experienced margin calls, resulting in losses of $602 million.
With the rapid rise in cryptocurrency prices, short investors were the first to be hit by this rebound. According to the latest data from CoinGlass (as of press time), in the past 24 hours, a total of 103,262 people in the global cryptocurrency derivatives market were liquidated, with a total liquidation amount of $602 million.
Binance witnessed a single liquidation of $12.1 million.
In this market rally primarily driven by short squeezes, the largest single liquidation occurred on the Binance exchange's BTCUSDT trading pair, valued at a staggering $12.1 million. This rapid market reversal serves as a stark reminder to investors that strict stop-loss orders are crucial when engaging in high-leverage trading to mitigate the financial risks associated with extreme volatility.
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