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Ether and solana extend gains as a short squeeze lifts bitcoin toward $62,000
Key takeaways
- Bitcoin traded around $61,360, up 2.5% over seven days, per CoinDesk data.
- Traders betting against crypto lost $281 million to liquidations over the past 24 hours, against $159 million in longs, out of $440 million in total forced closures across 95,690 traders, according to Coinglass data.
- When shorts are forced to close, they buy back the asset, and that buying pushes prices into the next tranche of shorts, the loop that turns a modest bounce into a squeeze.
Bitcoin traded around $61,360, up 2.5% over seven days, per CoinDesk data. Ether rose 4.2% in 24 hours to about $1,702 and is up 9.7% on the week, while solana held near $80 with a weekly gain of 18.6%, the strongest among the majors. XRP added 5.7% over the week to $1.09 and Hyperliquid's HYPE rose 5.1% on the day.
Traders betting against crypto lost $281 million to liquidations over the past 24 hours, against $159 million in longs, out of $440 million in total forced closures across 95,690 traders, according to Coinglass data.
When shorts are forced to close, they buy back the asset, and that buying pushes prices into the next tranche of shorts, the loop that turns a modest bounce into a squeeze.
Article preview — originally published by CoinDesk. Full story at the source.
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