Chances for the well-known “Uptober” meme to come true have come back as cryptocurrency markets have recovered over the past 24 hours. Bitcoin (BTC) and Ethereum (ETH), the two biggest digital assets on the market, have led the recovery.
According to Bitcoin Monthly Return, the most popular cryptocurrency has usually done well in October, with monthly gains happening 10 out of the last 13 years. For example, the rise in October of the year before helped Bitcoin reach its highest price ever, which was more than $69,000 in early November.
But since Bitcoin has spent most of the month going back and forth between $19,000 and $20,000, investors have grown more worried this year.
On the other hand, the most popular cryptocurrency went up by 5% on Tuesday and hit $20,000 again for the first time since the beginning of October. According to CoinGecko, the price is now $20,659, which is 7.2% more than it was the day before.
Even more interesting is the fact that Ethereum’s price went up by up to 14% during the time period and was worth about $1,536 at the time of writing.
a loss of $979 million on short positions
According to data from CoinGlass, the most recent price change caused a staggering $1.13 billion to be liquidated on the exchanges the day before. Of that amount, more than $979 million, or 87%, were short positions, or bets against price rises.
In the world of cryptocurrency markets, “liquidation” means that an exchange has to cancel holdings because the initial margin has been lost in part or in full. This happens when a trader doesn’t have enough money to keep a position open because they can’t pay the required margin for a leveraged position.
Most of the $1 billion in assets that were sold in the last day, about $550 million, were in Bitcoin. Next came $476 million in Ethereum, and the largest single order was a $3.05 million ETH-USDT swap.
With a volume of $862 million in liquidations, FTX had the most short positions of all the exchanges.
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