- The cryptocurrency market experienced about $623 million in liquidations over 24 hours as major tokens rebounded.
- Most liquidations, around $400 million, resulted from short positions as prices rose.
- Bitcoin traded above $116,000 with retail sentiment turning extremely bullish.
- Ethereum and XRP both saw gains above 3% in the same period.
- Stocks of crypto-related companies, including Strategy (MSTR) and Bitmine Immersion (BMNR), increased in pre-market trading.
The cryptocurrency market saw widespread liquidations totaling about $623 million in the past 24 hours, according to data from Coinglass. This came as major cryptocurrencies, including Bitcoin and leading altcoins, rebounded in price at the start of October.
Short sellers accounted for about $400 million in losses as prices moved higher. Long positions—a bet that prices would rise—reported roughly $223 million in liquidations. Ethereum experienced the highest total liquidations, at $159 million, while Bitcoin followed closely with $157 million.
XRP also advanced by more than 3% over the past 24 hours, despite news that the company’s CTO would be stepping down after 13 years (Ripple-cto-stepping-down-ceo-and-president-share-reactions/”>more details). The token traded around $2.93, though overall retail sentiment remained bearish. Hyperscale Data (GPUS), a major XRP holder, saw its shares rise over 2% pre-market.
Other crypto-exposed firms also posted moderate gains, with Marathon Holdings and Riot Platforms each up about 1%, and crypto exchange Coinbase climbing 1.8%.
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