$117M Worth Crypto Shorts Liquidated In 12 Hours As Bitcoin Reaches 10-Month High Of $30K

Cryptocurrency shorts worth $117 million have been liquidated in the past 12 hours, as Bitcoin (CRYPTO: BTC) prices reached $30,000 levels. 

What Happened: According to data from CoinGlass, of the total liquidations, over 90% were shorts, while slightly over 14 million were liquidated in longs.

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For the uninitiated, longs and shorts are positions taken in a market with the expectation that the price will rise or fall, respectively. A long position profits when the market goes up, while a short position profits when the market goes down.

Over the last 24 hours, 29,907 traders were liquidated, adding up to a total of $166.91 million in liquidations. The largest single liquidation order was on the Huobi platform for BTC-USDT, with a value of $11 million.

Bitcoin suffered the largest liquidations, amounting to $75 million. It was followed by Ethereum (CRYPTO: ETH), which saw $18.60 million in liquidations, and Litecoin (CRYPTO: LTC), which saw $2.1 million.

Dogecoin (CRYPTO: DOGE) saw a comparatively smaller amount of liquidations at $1.49 million.

Data from Santiment shows that the Bitcoin network saw big whale moves earlier in the day. A total of 11 separate transactions totaling 22,000 BTC ($655 million) were moved in two batches.

Price Action: At the time of writing, BTC was trading at $30,126, up 6.79% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin Crosses $30K, Ethereum And Dogecoin Flash Green: Analyst Says 11 Mysterious, Identical Transactions Caused Apex Crypto To Rally