$145m in short liquidations pumped Bitcoin, altcoins 

The cryptocurrency market is seeing increased short-term liquidations as major assets, including Bitcoin, gain bullish momentum.

According to data provided by Coinglass, total liquidations in the last 24 hours exceeded $192 million. More than $145 million of this amount was written off in short positions, and the remaining $46 million belonged to long transactions.

Crypto liquidations – October 15 | Source: Coinglass

Bitcoin (BTC) broke the $66,000 mark on October 14, recording liquidations of $63 million, of which $55 million was short and $7.7 million was long. BTC is still up 2.3% in the last 24 hours and is trading at $65,300 at the time of writing. .

Ethereum (ETH) ranks second with $37 million in daily liquidations; $30 million short and $7 million long. Thanks to short liquidations, the leading altcoin crossed the $2,600 mark for the first time in two weeks.

According to Coinglass, the largest single liquidation order occurred on Binance, the largest crypto exchange by trading volume, and was worth $5.2 million on the ETH/USDT pair.

Binance exchange accounted for $94 million of total liquidations, with 76% consisting of short positions.

Despite increased liquidations, total open interest in the crypto market increased by 4.7% to $69.5 billion, according to Coinglass data. This action often shows signs of FOMO and greed.

According to data from CoinGecko, the capitalization of the global crypto market is now at $2.406 trillion, having increased by over $109 billion in the past day. At this point, Bitcoin has a 54.2% dominance over the entire market, with a total market cap of almost $1.3 trillion.

Another factor driving the rise in Bitcoin price was the impressive increase in US-based spot BTC exchange-traded funds. According to Crypto.news report, these ETFs recorded inflows of $555.9 million on Monday; This marks the highest level in four months.