‘Bears in disbelief’ — $1B in crypto shorts wiped as Bitcoin pumps

Key Points

1. 232,149 traders were liquidated in the past 24 hours, with $1.01 billion in crypto short positions wiped out, including $570 million in Bitcoin shorts.

2. Bitcoin liquidations totaled $590.04 million, with only $20.21 million being long positions.

3. Crypto market capitalization rose 4.4% to $3.63 trillion, with analysts describing the event as a 'MASSIVE Short squeeze.'

4. The Crypto Fear & Greed Index remained at a 'Greed' score of 71, down slightly from last week's 73.

5. Analysts noted potential risks, with $2.11 billion in long positions at risk if Bitcoin retraces to $112,000.