Over $152M Crypto Shorts Liquidated As Bitcoin, Ethereum Spike

The total cryptocurrency market cap climbed back above $1 trillion in the last 24 hours. This comes in light of the news that depositors of now-closed Silicon Valley Bank (NASDAQ:SIVB) and Signature Bank (NASDAQ:SBNY) will be able to get their funds out, spurring Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) higher.

What Happened: Data from CoinGlass revealed that in the past 24 hours, more than $152 million in shorts were liquidated.

Over 53,519 traders were liquidated, and the total liquidations stand at $212.24 million. The largest single liquidation order happened on Binance at $7.42 million.

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Among the assets affected were ETH, worth $78 million, followed by BTC worth $63 million. Binance witnessed the largest shorts liquidation, with $19 million getting liquidated.

The top 30 coins such as Cardano (CRYPTO: ADA), Polygon (CRYPTO: MATIC), Solana (CRYPTO: SOL), Litecoin (CRYPTO: LTC), Avalanche (CRYPTO: AVAX), and Filecoin (CRYPTO: FIL) have all surged by more than 10% as well.

Price Action: At the time of writing, BTC was trading at $22,323, up 8.0%, ETH at $1,595, up 7.78% in the last 24 hours, according to Benzinga Pro.