Over $30 Million Worth of Bitcoin Short Positions Liquidated in 60 Minutes

In a swift market shift, an estimated $30 million worth of Bitcoin short positions were liquidated within just 60 minutes. This dramatic price surge triggered a wave of forced liquidations as traders seeking to profit from the downturn were compelled to close their positions due to rising prices. This sudden market action is often referred to as a ‘short squeeze,’ which occurs when rapid upward price movements force short sellers to buy back Bitcoin to cover their losses, further accelerating the rise.