Crypto Short Liquidations Exceed $100M as Bitcoin Surges Past $64K

In the past 24 hours, traders who bet on a declining crypto market have faced losses exceeding $100 million, as Bitcoin experienced a significant price surge.

Bitcoin’s price rose above $64,000 early on Oct. 14, marking a 2.1% increase over the previous day. This price action follows a weekend of relatively stable movement and is the highest Bitcoin has reached in October so far, peaking at $64,173, according to TradingView. It’s a level not seen since the end of September.

This unexpected upward movement triggered a wave of liquidations, with over $101 million in short positions wiped out across the cryptocurrency market, as reported by CoinGlass.

A total of 54,649 traders were liquidated for over $166 million, with Bitcoin shorts making up $52.33 million of this amount. Ethereum followed closely, with short positions worth $27.26 million being liquidated in the same period.

Bitcoin’s surge also boosted its market dominance, bringing it back above 58%, approaching levels last seen in April 2021, per TradingView data.

There has been ongoing speculation about when the anticipated “Uptober” rally would take hold, with October historically delivering positive returns for Bitcoin in nine of the last 11 years.

Kyle Chassé, a prominent Bitcoin advocate, told his 219,000 followers on X (formerly Twitter) that “the tides are shifting,” suggesting the market is entering one of its most exciting phases. He also emphasized that the next major rally is not just a possibility, but an imminent event.

On-chain analyst James Check humorously advised, “Pray for the bears,” in reference to traders betting on a market decline.

Meanwhile, Ether broke past the $2,500 mark, hitting a two-week high of $2,540 after gaining 2.9% in the last 24 hours.

Other cryptocurrencies have mostly followed suit, with Solana posting a 4.4% increase. However, some major altcoins like BNB, XRP, and Dogecoin showed more modest gains, all under 1% for the day.

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