CRYPTO CRYPTO BUSINESS
Bitcoin’s Brief Pump Above $28K Leads To Steep Losses Among Short Traders, Triggers $130M Liquidations
By Nica Osorio
@nicaIBTimes

05/30/23 AT 12:18 AM EDT
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KEY POINTS
Bitcoin peaked at $28,432 but retraced to $27,960 by 9 a.m. ET Monday
The brief spike was after President Biden confirmed a deal was reached on debt ceiling
Bitcoin left the $28,000 price level and saw a 0.91% loss Monday evening
Bitcoin briefly spiked above the $28,000 price level in the early trading hours Monday, which led to nearly $130 million in liquidations and saw short traders experience steep losses.

The world’s largest cryptocurrency asset by market capitalization broke through the $28,000 price region and peaked at $28, 432 over the past 24 hours, but retraced to $27,960 at around 9 a.m. ET on Monday.

This brief surge in the price of Bitcoin triggered $55 million in liquidations for traders who held positions in the asset, with the market seeing $129.1 million leaving exchanges and 35,000 traders liquidating over the past 24 hours, data from crypto futures trading and information platform Coinglass showed.

Moreover, short traders lost $1404.45 million at around the same time, with Bitcoin, along with Ethereum – the second largest crypto asset by market capitalization, taking more than $68 million of those losses.