$450 Million in Losses as Crypto Market Surges: Traders Bet Big on Upside

• Over the past 24 hours, crypto traders betting against the market have suffered more than $450 million in losses as major cryptocurrencies surged higher.
• Major exchanges, including OKX and Binance, accounted for the majority of the liquidations at over $241 million and $116 million, respectively.
• Total liquidations over the past day reached more than $727 million, while Bitcoin and Ethereum both gained around 10%.

Cryptocurrency trading activity heated up over the past 24 hours as major coins surged higher, resulting in over $450 million in losses for traders betting against the market. Crypto exchanges OKX and Binance accounted for the bulk of the liquidations at over $241 million and $116 million, respectively. Long traders were also caught off guard, with over $108 million in positions liquidated. Altogether, the total value of liquidations over the past day amounted to more than $727 million.

The impressive rally was led by Bitcoin, the world’s largest cryptocurrency, which passed the $21,000 price mark at one point. Ethereum, the second-largest coin, also reached around $1,600, representing a 10% increase over the past day. Meanwhile, the surge in activity in the futures market for digital currencies was also noteworthy. Buyers entered the market early, leading to an increase of more than $1 billion in open interest for Bitcoin and Ethereum.

The crypto market’s strong performance over the past day has been encouraging for traders and investors alike, and has provided a brief respite from the volatility that has characterized the market over the past few months. Whether the rally will continue remains to be seen, but for now, traders are continuing to bet big on the potential upside of major cryptocurrencies.