Leveraged bettors betting against the price of Bitcoin (BTC) suffered losses of over $190 million in the last 24 hours as BTC rose 10%, marking its most significant daily increase since October.
On Tuesday, BTC briefly surpassed $57,000, reaching its highest level since November 2021. Several factors contributed to this increase, including increased trading volumes in spot Bitcoin ETFs and increased institutional investment.
The asset's recent strength may be partly due to the closure of short positions since the start of the week. According to data from CoinGlass, short bets have caused losses of over $180 million since Sunday.
Within the last 24 hours, 89,615 traders were liquidated, resulting in $381.41 million in liquidated assets.
In the last 24 hours, Ether (ETH) saw a rise of around 4%, Solana's SOL rose around 7% and Cardano's ADA saw a rise of 5%, while Stacks (STX), a Bitcoin Layer 2 token, surged increased by over 25%.
Also read: Mystery Whale buys $1.3 billion worth of Bitcoin, sparking speculation
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