Over $1.6M Crypto Shorts Liquidated In An Hour As Bitcoin, Ethereum Spike

As the prices of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) shot up in the early hours of Tuesday, $1.65 million worth of cryptocurrency shorts were liquidated.

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What Happened: BTC and ETH moved up 3.1% and 4.3%, respectively, over 24 hours at 1:44 a.m. EDT. 

In terms of total liquidations — shorts worth $1.65 million were liquidated, while longs worth $26,630 were liquidated across in one hour, according to data from Coinglass.Screenshot From Coinglass.com

At the same time, $975,710 worth of Ethereum and $309,920 worth of Bitcoin were liquidated in just the span of one hour. Ethereum dominated the liquidations at the time of writing.

Screenshot From Coinglass.com

Other notable coins that saw heavy liquidations included XRP and Ethereum Classic (ETC).

The exchange that saw the most shorts liquidated was OkEx —  where liquidations worth $893,220 took place.

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