Posted 12/3/2023, 9:59:00 AM
Bitcoin Price Spike to $39,700 Triggers Over $600 Million in Short Liquidations
- Bitcoin price hit $39,700, leading to over $600 million worth of shorts being liquidated in a single candle
- The explosive price action and liquidations left the crypto community stunned
- Data shows huge losses for bears, with $36.23 million liquidated for BTC and $32.50 million for ETH derivatives
- The largest single BTC liquidation order on OKX was valued at $1.96 million
- Massive leverage and uncontrolled margin trading is fueling these giant liquidations