What to know:
- Ether made a glorious 20% leap, igniting a broad crypto rally and sending over $750 million worth of short liquidations into oblivion—the highest since 2023. Who’s laughing now?
- Meanwhile, DOGE and ADA decided to join the party, rising over 10%, with Solana’s SOL, BNB, and XRP tagging along at 7% or more. What a wild ride!
- Apparently, some people actually still believe in crypto, with a trade deal between the U.S. and the UK adding fuel to the fire. Binance and OKX were the big culprits, with over $500 million in liquidations. Oh dear!
A massive crypto rally, spearheaded by Ether’s 20% surge, has left shorts in tatters, with more than $750 million in liquidations in just 24 hours. It’s the largest liquidation day since 2023—talk about a rough Thursday for the pessimists!
According to CoinGlass data, a staggering 84% of the liquidations were from those poor souls holding short positions, as major altcoins surged by up to 20% in mere hours late on Thursday. It’s safe to say they didn’t see that coming.
Ether, naturally, took the spotlight with a 20% rise, smashing past $2,000 for the first time since March. DOGE and Cardano’s ADA jumped over 10%, probably sending shorts into a fit of despair. Not to be left out, Solana’s SOL, BNB, and XRP also managed to cling on to some modest gains at 7% or more. Everyone’s cashing in on the crypto chaos!
But let’s get back to the real drama: liquidations. This delightful process happens when an exchange mercilessly closes a trader’s position because they’re too broke to keep it open. It’s like the ultimate “I told you so” moment, except it happens to a whole bunch of people all at once.
Large-scale liquidations often signal market hysteria—either from irrational buying or panicked selling. And if you ask me, the sudden surge in crypto prices might be a sign that the market’s about to flip on its head. Who knows, a price reversal could be just around the corner. Or maybe not. Who can say?
What’s really spiced things up is that Bitcoin also broke above $100,000 on Thursday. Yes, you read that correctly. Bitcoin’s ascent, paired with a U.S.-UK trade deal, sent market sentiment soaring like it was 2017 all over again. #BitcoinToTheMoon
The sudden Thursday wipeout now ranks among the most intense since Bitcoin’s $93,000 run in March, where bears were hit with a $550 million weekend loss. Meanwhile, in April, an ETH and DOGE rally erased $500 million in shorts, but this most recent move outdid them all. It’s like crypto’s version of a rollercoaster—thrills and chills all the way down!
CoinGlass reports that Binance and OKX were responsible for a whopping $500 million in liquidations, with ETH alone claiming over $310 million of that. And let’s not forget the bitcoin futures, which stole the show with $375 million in liquidations. Ouch!
The short squeeze on ETH is particularly juicy, considering it had been stuck in a range for weeks, with institutional interest and retail sentiment slipping. But don’t count ETH out just yet—Ethereum’s recent Pectra upgrade might be giving traders a glimmer of hope. Or maybe it’s just the high-stakes gambling vibe of the whole market that’s pulling them back in. Either way, it’s anyone’s game!
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2025-05-09 08:02