In a striking turn of events, crypto derivatives traders who bet against the market have faced significant losses as Bitcoin ’s price soared. Over the past 24 hours, liquidations have exceeded $100 million, primarily driven by a surge in Bitcoin ’s value.
On October 14, Bitcoin ’s price climbed past $64,000, reflecting a 2.1% increase within the day, according to CoinMarketCap data, and marking a breakout from a period of relative stagnation over the weekend. The cryptocurrency reached an intra-day high of $64,173, the highest point this month, signaling a return to levels not observed since late September. CoinGlass data indicates that the recent price movement led to liquidation of over $101.4 million in short positions across the entire crypto market, affecting a total of 54,649 traders. Of this, approximately $52.33 million in short positions were attributable to Bitcoin , with Ether shorts following at $27.26 million.
The surge in Bitcoin ’s price has also had a notable impact on market dominance, pushing it above 58%, a level not seen since April 2021. Analysts had previously speculated about an uptick in market performance in October, known for historically favorable returns on Bitcoin . This month has produced positive movements in the past, with Bitcoin achieving gains in nine of the past eleven years.
In conjunction with Bitcoin ’s rise, Ether has also made significant strides, topping $2,500 and reaching a two-week peak of $2,540 after a 2.9% daily gain. The broader altcoin market is primarily in the green, highlighted by a 4.4% increase in Solana . Other high-cap altcoins such as BNB, XRP , and Dogecoin recorded modest gains, reflecting a more muted response compared to Bitcoin and Ether.
