$200M of Shorts Liquidated in 24 hours as Bitcoin and Ethereum Rise 8%!

More than $95 million worth of short positions were liquidated in the past 12 hours as the crypto market rebounded from Tuesday’s support levels.

• Almost 88% of traders betting against an increase in crypto prices booked losses as exchanges closed leveraged positions due to a partial or total evaporation of the trader’s initial margin, data from analytics tool Coinglass show.
• Crypto exchange OKX saw $44 million worth of short losses, the most among all crypto exchanges, followed by $22 million on Binance and $11 million on Bybit, data show.
• Some $47.45 million of bitcoin (BTC) futures were liquidated in the past 12 hours, the most among major cryptocurrencies. Ether (ETH) futures had $22 million in losses, followed by LUNA with $12 million. Source

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And a total of $200M were rekt last 24 hours

$200M gone in less than 24 hours

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And these are the most liquidated cryptocurrency exchanges

Source

The lesson for today is, don't ever use leverage if you can't take the risk that is coming for you and always invest what you can afford to lose