Over 230,000 crypto traders saw liquidations worth $760 million over the last 24 hours.
What Happened: Bitcoin BTC/USD rose 10% over the last day to $30,400, as per data from Benzinga Pro. Ethereum ETH/USD was up 7.7%, trading above $2,000.
As the cryptocurrency market staged a recovery, major altcoins saw double-digit gains. Dogecoin DOGE/USD was up 20% and trading at $0.09, while Cardano ADA/USD and Avalanche AVAX/USD gained 22% and 16%, respectively.
The trend reversal proved unforgiving for traders that attempted to bet on a continued downtrend. According to data from Coinglass, Bitcoin saw $283 million worth of liquidations and Ethereum saw $130 million worth of liquidations.
Terra LUNA/USD, the troubled sister token of the collapsed stablecoin TerraUSD UST/USD, saw $37 million in liquidations over 24 hours.
ApeCoin APE/USD and Solana SOL/USD both saw over $14 million liquidated respectively, while DOGE saw $5.86 million liquidated.
Data shows that there was a near-even split in terms of long and short positions that were liquidated. Long traders lost $390 million and short traders lost $370 million.
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