Cryptocurrencies witnessed a significant surge in value on Sunday, leading to the unexpected liquidation of over $100 million.
Bitcoin , Ethereum , experienced increases of 3.29%, 3.05%. This surge coincides with the advent of “Uptober,” a term used in the crypto world to describe the typically bullish trend of cryptocurrencies in October.
Optimism in the crypto market has been fueled by the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).
Data from CoinGlass indicates that in the past 24 hours, 29,132 traders faced hefty liquidation, totaling a staggering $110.21 million. Notably, over $70 million were liquidated in shorts.
The largest liquidation was observed on Huobi, involving the BTC-USDT pair with a value of $8.39 million. The sudden price shift resulted in approximately $38 million worth of BTC shorts and $23 million worth of ETH shorts being liquidated.
The global crypto market capitalization currently stands at $1.05 trillion, reflecting a 0.80% increase in the last day. Stock futures also soared as trading commenced, following an agreement by U.S. legislators to avert a government shutdown.
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