PiCK
Ethereum Jumps 18.5% in a Day, Briefly Tops $2,300 as $736.5 Million in Shorts Liquidated in 4 Hours
Summary
- Ethereum (ETH) jumped 18.52% in a day, briefly topping $2,300 and recently trading around $2,265.
- Total liquidations across the crypto market reached $802.98 million over the past four hours, with short liquidations at $736.53 million, or about 92% of the total.
- The sharp rally and large-scale short liquidations could magnify gains in the near term and trigger a short squeeze.
Forecast Trend Report by Period
Ethereum surged more than 18% in a day and briefly climbed above $2,300, triggering a broad wave of short liquidations across the crypto market.
Wu Blockchain said on August 19 that Ethereum on Binance briefly rose past $2,300 and was recently trading around $2,265. The token was up 18.52% over the past 24 hours.
Bitcoin also moved higher, trading at $69,367.47, up 7.08% over the same period.
The sharp advance forced out traders betting on lower prices. CoinGlass data showed total liquidations across the crypto market reached $802.98 million over the past four hours.
Of that amount, short liquidations accounted for $736.53 million, or about 92% of the total. Long liquidations were $66.45 million during the same period.
Short positions are bets that prices will fall. When prices rise sharply against those wagers, forced liquidations generate buy orders. That can magnify gains in the near term and trigger a short squeeze.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.